IWM – Russell 2000 ETF (Last:221.21)

Earlier, I’d  rejected the idea of bottom-fishing if IWM returns to ‘x’, since it would be the fifth time it’s done so within the holding pattern begun in early March. However, there may be an opportunity to get long there nonetheless, provided we are not too ambitious on the exit, which would likely be well shy of the red line. It would follow an rABC entry risking perhaps two points initially. The exact amount will depend on how the other indices fare over the next week or so, since we wouldn’t want to attempt the trade if it looks like we’ll be catching the proverbial falling piano. _______ UPDATE (Sep 16, 9:38 p.m.): After triggering an rABC short off this textbook beauty, bears couldn’t put IWM away. They’ll have a second chance as the week ends, but if they fail they could find themselves on the ropes come Sunday night/Monday.