$IWM - The price has once again rejected after testing the high-timeframe resistance range I highlighted in many of my prior PAT updates, marked in red, which aligns with the 1.272 and 1.414 Fibonacci extension levels.
Because of this, I believe that going forward, the most likely outcome remains further consolidation and struggle around this range until the price can manage to durably break back above the 1.272 level at $265. However, as long as the price continues to hold above the 2D Bull Market Support Band. which has been a strong support point for nearly a year, I believe the most likely outcome remains further upside in the coming weeks. With that said, before taking a more decisive stance on the low timeframes, I want to see additional confirmation, because for now the most likely outcome in the coming days remains further consolidation between the high-timeframe resistance range and the support band.
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$IWM - The price has once again rejected after testing the high-timeframe resistance range I highlighted in many of my prior PAT updates, marked in red, which aligns with the 1.272 and 1.414 Fibonacci extension levels.
Because of this, I believe that going forward, the most likely outcome remains further consolidation and struggle around this range until the price can manage to durably break back above the 1.272 level at $265.
However, as long as the price continues to hold above the 2D Bull Market Support Band. which has been a strong support point for nearly a year, I believe the most likely outcome remains further upside in the coming weeks.
With that said, before taking a more decisive stance on the low timeframes, I want to see additional confirmation, because for now the most likely outcome in the coming days remains further consolidation between the high-timeframe resistance range and the support band.