Caution: Elliott Wave Stuff This chart of IWM sums up where we could be going in the near term. More to the point, EW analysis suggets a decline below approximately 193, and certainly 191, will usher in a more steeper decline than we saw yesterday. (1) Bearish 1-2, 1-2, wave count leading to a wave 3 down; (2) Bearish series of lower lows and lower highs; (3) Price entering Fibonacci 38.2%-61.8% resistance zone for the short-term decline we are seeing off the Dec 28th high. A break-out above 197-198 cancels this analysis and would bring into play a more bullish scenario. Note also that there is a lot of political news coming out over the next 48 hours so short-term spikes in either direction are possible. One of those spikes could extend into something much larger.
