$IWM Russell 2000 just broke down and now it's testing support at $275 — right at that fib level. We got a bounce off it, which is what you want to see if support's gonna hold.
Here's the structure: $275 is your line in the sand. That's where price found buyers. If it holds, we're looking up at $290 resistance — the 1.618 fib extension, the Golden Ratio. That's your upside target if this bounce has legs.
Setup is clean: watch how price behaves at $275. A reclaim with follow-through? You're long into $290. A failure below $275? That support becomes resistance and the breakdown continues lower.
Invalidation is simple — lose $275 with conviction, and the bounce is dead. Confirmation is a higher low above $275 or a break above recent resistance.
This is textbook fib work. Support test, bounce, now we see if it can reclaim structure or if sellers step back in.
Here's the structure: $275 is your line in the sand. That's where price found buyers. If it holds, we're looking up at $290 resistance — the 1.618 fib extension, the Golden Ratio. That's your upside target if this bounce has legs.
Setup is clean: watch how price behaves at $275. A reclaim with follow-through? You're long into $290. A failure below $275? That support becomes resistance and the breakdown continues lower.
Invalidation is simple — lose $275 with conviction, and the bounce is dead. Confirmation is a higher low above $275 or a break above recent resistance.
This is textbook fib work. Support test, bounce, now we see if it can reclaim structure or if sellers step back in.