The Russell MicroCap iShares (IWC) is leading the market higher on Friday and breaking above a triangle trend line. The P&F chart shows the ETF surging in October and then consolidating in November. The red A marks the beginning of October and the red B marks the beginning of November. With a big move today, the current X-Column broke above the prior X-Column to trigger a double top breakout and exceeded the triangle trend line, which I drew by hand using MS Paint.
Click this image for a live chart.
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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