Monday October 15th, 2018 by Mike Paulenoff IWM-- was the leader and the weakest link on the way down, which usually argues that it will turn first, and become the leader and the strongest link on the way up when it turns. So far, however, that is not yet the case. Let's notice on the enclosed daily chart that for the past three sessions, IWM has remained in a range between 152.50 and 155.50, which is in the lowest 3 point zone of a larger 21.5 point correction. In other words, after a 12.5% correction off of its all time high, IWM has recovered just 14% of the move-- a particularly shallow and feeble recovery thus far, and one that does not give us a warm and fuzzy feeling that a significant upturn is in progress. Indeed, the way I view the action in IWM is that it is biding time, allowing its sharply down-sloping MA's to play catch-up prior to a resumption of dominant downtrend weakness that presses the price structure to new corrective lows, and possibly to my next optimal larger corrective target zone in the vicinity of 145 to 147. At this juncture, only a climb and close above 155.80 will begin to neutralize continued technical negativity... Last is 154.11/12Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial! * I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com *** Mike has great chart interpretation, but I don't think this goes all the way back to 145. ** Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. Follow us and check back occasionally for additional articles or comments.