IWM TARGET 213./214 .618 WAVE B TOP

16 Ara 2023

The chart is the IWM back in late oct I talked about a target at 161.8 and how it must hold as well as the IYT having to hold 209.6 . We held both So are we in the start of a NEW BULL MARKET . I will say No until we break above 216 I see the pattern like that of 1987 in which we had a large abc rally in the dow and sp 500 in fact the wave A up peaked at 50 % and then we dropped to a minor new low and then saw a 5 wave rally in which EVERYONE SAID ALL CLEAR and it peaked at .618 from there we saw the CRASH . I will maintain The market peaked in dec 2021 What would change my view simple break above the fib relationship in 5 waves and then pullback into march in an A B C decline . Lower interest rates Is NOT good for the market it is a sight of under lying weakest see chart of fed pivot