The P&F chart below shows the Russell 2000 ETF (IWM) with 30-cent boxes to capture the medium-term trend. Notice that this chart extends back to January, which is marked by the red numeral 1 in the first column. The ETF broke the bullish support line in April and then firmed in May. The surge above 113.4 broke the red bearish resistance line and this indicates that the trend is changing.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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