$IWM Russell 2000 pulling back to the 1.414 Fibonacci extension at $275.31 after slipping out of its rising channel.
Here's the structure:
Price broke below the rising channel — that's your first sign the short-term uptrend lost support. When you lose a channel low, you typically retrace to the nearest structural level. In this case, that's the 1.414 fib at $275.31.
First resistance now sits at $282. That's where you'd expect sellers to show up if this pullback has legs. If price reclaims $282 and holds it as support, the breakdown loses credibility and you're back in play for higher targets.
Invalidation is simple: a clean reclaim and hold above $282 flips the script. Until then, $275.31 is the magnet.
Watch how price behaves at $282 — does it reject hard or chop through? That'll tell you if this is a healthy reset or the start of something deeper.
Here's the structure:
Price broke below the rising channel — that's your first sign the short-term uptrend lost support. When you lose a channel low, you typically retrace to the nearest structural level. In this case, that's the 1.414 fib at $275.31.
First resistance now sits at $282. That's where you'd expect sellers to show up if this pullback has legs. If price reclaims $282 and holds it as support, the breakdown loses credibility and you're back in play for higher targets.
Invalidation is simple: a clean reclaim and hold above $282 flips the script. Until then, $275.31 is the magnet.
Watch how price behaves at $282 — does it reject hard or chop through? That'll tell you if this is a healthy reset or the start of something deeper.
