I started a short positition today around $114.20ish. I will be looking to add to the position on rallies or on a confirmed breakdown of today's low. Targeting at least the 80 day EMA for the short-term (coincides with rising channel trendline). Perhaps this time we may even test the 200 day Ema?? (though IWM would still be bullish long-term)
I am not short due to fundamentals (i think they are fine) but purely technical as Russel is over-extended from key moving averages and the odds/risk-reward to the downside are good.
*I will be setting a hard stop around the recent highs ($116-$116.10ish). This is because the bearish thesis would have the most probability of being correct, if the short-term highs were set last week.
I am not short due to fundamentals (i think they are fine) but purely technical as Russel is over-extended from key moving averages and the odds/risk-reward to the downside are good.
*I will be setting a hard stop around the recent highs ($116-$116.10ish). This is because the bearish thesis would have the most probability of being correct, if the short-term highs were set last week.