Market Analysis for Jun 9th, 2020


IWM - Because I am counting the move up off of the 136.45 low as an ending diagonal I think it's reasonable to use the origination point as a target. This would take some extensions based on the initial move but nevertheless I will use the 136 level as the target for this purpose of short term puts (next weeks to give more time this weeks could be used as lottos).

For straight shares short could be taken with stops just over the 153.56 high. which also offers an excellent R:R based on the lower target of 136.45.

IWM 15m
IWM 15m
IWM Workup
IWM Workup
Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.


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