On Monday I was questioning whether we really saw a breakout in the major indices: LINK HERE
Until proven otherwise, I will continue to draw my voodoo lines as shown below, where the upper bound of the descending triangle is holding firm. The same can be seen on QQQQ when drawn from 10/14 and on SPY (see Dec 8th post). Hopefully the rest of this week will add some clarity/confirmation, one way or another. With regards to IWM, note immediate support at 46.65 and of course the descending triangle.
IWM
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