$IWM: Almost Time To Short
$IWM has put in a Distribution top after not being able to reclaim 210 and is now working on a bounce before its re-distribution phase.

A test between 194 - 203 should provide a short sell entry with the downside target of 152 by end of year.

A couple ways to play the downside include puts, $RWM, or $TZA. I will be entering in this zone so if you choose to do so, best of luck in the trade.
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$IWM TA Projection
$IWM formed a strong bullish engulfing last week that I expect to continue higher within the next few weeks to test the 195 - 203 level which should act as strong supply. This supply should cause price to start its next leg down that could extend to 155 at minimum.

I will be looking to get long $RWM and/or $TZA to play this downside move. It is in a clear stage four downtrend as we should extend lower through end of year.
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End of Week Update: 05/27/22
As you know, I have been watching for a countertrend rally since last week, and we finally got materialization of that this week.

As a trend trader, I often raise cash when anticipating a countertrend rally that will allow me to re-short or re-long the market at better levels. This has been my strategy/plan for the last two weeks, and we are finally getting a bear market rally that will allow me to re-short the market in the near future.

I am still very heavy into cash but entered one short sell this week as seen below:

Entered $ABBV short sell: $150.99. I am still holding this full position with a target of $134-$136.

My next targeted moves will most likely be in the small cap world through $RWM or $TZA as I expect a roll over in the near future. I am watching the weekly 20SMA as heavy resistance right now to target some gap fills lower.
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