As an alternative or add-on to the IYR Sell Pending from yesterday we are adding an IWM trade contingent on weakness into the close any day this week: IWM Sell on a close below $180.00 IWM Jan 20th $175P (4.05-4.10) Target*: IWM < $160. $175P > $15 Stop -50% Trailing Stop (Anytime option drops 50% from high print after purchase, exit) *Target shown is conservative, in a Wave 3 of (3) IWM should drop at least 15-20%, which could price it well under $150, and the $175P over $25. IWM 120 Minute There are other key levels to trade: (1) $180 key level is a close below the upward Wave 2 trend channel; (2) below $176 would be a close below the Fibonacci retracement window after slightly overshooting the 61.8% retracement level - through much of 2022 IWM closes below Fib windows have led to accelerations down; and, (3) a close below $174 would be below the (b) low of Nov 9th, confirming a third wave down. Consider legging into positions on closes below any or all of these key levels.
