My notes on the iShares Russell 2000 Index ETF (IWM) chart below were first designed to illustrate the significance of levels associated with round number year-to-date (YTD) gains (such as +10%, +20% and +25%). But as I studied the chart more carefully, I couldn't help but notice a couple of other phenomena:
I didn't include the +15% YTD level, because I don't pay much attention to +15% YTD in my own analysis. But I did show a Fibonacci +31.8% YTD level, though I have only recently started looking at such a YTD level as having potential significance, driven mostly by the fact that so many stocks are now above +25% YTD (and I've never attached much significance to such levels as +30% and +33%). And I thought it was also a little bit cool that the most recent IWM peak came in around this +31.8% level, and was followed by a pullback of almost 5%.
Recent XIV Action May Bode Well for Bulls
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