UPstocks - Trading the charts!

Dow Jones Industrial Average (^DJI)

it seems that the DJI made  a correction wave(which sub-dived into 3 waves) which ended at 16015,  any close above 16456 would confirm that assumption in the other hand a break of the 13 sma once again would indicate more downward movement is yet to come.

iShares Russell 2000 (IWM)

on 15/4 the iwm did form a bottoming tail and since it manged to breach the downward channel , i'll be still looking for a test of the 13 sma, breaking it and i'm expecting a test of the 116.80 pivot.

since the top at 120.58 the Russel 2000  is forming a lower highs and it doesn't look anything like a simple 3 waves correction, moreover the structure of this downward movement indicating of a distribution from the "smart money".

I'll be looking forward to see how it will be acting near the 116.80 pivot. 

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