IWM Intermediate-Term Analysis

IWM - IF we manage to hold the 76.4 retrace here as part of the wave 2 as shown on the RTY chart then we have a nice setup here into the summer. In fact even if we break support we still have larger support below under that red path and still should end up higher into the summer months. Attached is the intermediate-term options workup for this setup targeting 259 for wave 3 with the 243 level acting a the 100ext and min target for a wave C assuming we hold the 76.4 retrace here.

IWM D
IWM D
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.