There is a clear head and shoulder pattern on the daily Russell 2000 ETF (IWM) chart. Head and shoulder patterns are bearish and will trigger when the neck-line is breached. Once that happens, a smart investor can calculate the downside target. In the case of the IWM, the neck-line is at approximately $208.75. If that is breached to the downside, the head and shoulder pattern will trigger. The downside target on the Russell 2000 ETF IWM is $181.00. This signals an almost 15% downside on the Russell 2000 chart should the neck-line break. Investors should continue to follow this setup to see if the head and shoulders triggers.
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