An important technical conclusion stemming from the recent volatility spike is that prices must continue to push higher, above previous highs, in order to confirm the continued upside price expectations.
IWM Breakout Above $218.35 Suggest Rally is Just Starting
The IWM, the Ishares Russell 2000 ETF, Daily chart highlights the recent rotation in price and shows a Fibonacci price extension range from the late December 2020 lows to the recent late January 2021 highs. I use these Fibonacci price extensions as a means of measuring potential upside or downside price targets, which seem to be fairly accurate. Watching what happens near the 61.8% level on the chart will guide us in determining if the 100% target level will be reached quickly or after a bit of consolidation….Read More Here.
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