Updated Stock Indexes Wave 3 down is unfolding as expected, including the occasional but short-lived counter-trend rallies. Also expected is one or more "limit down" days. Big Picture S&P Intermediate Term Trading Signals IWM We've been monitoring (and trading) this IWM chart pattern since early January. We added puts on January 5th, followed by a recognition that a break below 210 support will result in an acceleration of the decline. That level was broken on January 19th and then touched from the underside and reversing lower on Feb 10th. Both on January 28th and again today price hit the Fibonacci support at 190, providing another important support level. If and when there is another test of 190 it will be make or break. If IWM 190 falls there is no real support until 135.
