How High Can The Russell 2000 ETF (IWM) Bounce

Shares of the Russell 2000 ETF (IWM are bouncing for the second day in a row. The big question is, what is the bounce target? To answer this we turn to technical analysis. This epic collapse in the Russell 2000 started at $169 on February 20th, 2020. By March 19th, 2020 it tagged $95.50. This was an huge collapse of 43.50% in one month. A drop of this magnitude, this quickly is almost unheard of. In any case, the collapse percentage does give us some great information technically. When we do our Fibonacci retrace lines, we find that a 38.2% retrace is near $124.00 (current price is $111.00). In addition there is a major gap fill $126.00. When two major technical levels are so close together, it gives investors a good idea that will be an ideal target near-term.

To summarize, the Russell 2000 ETF (IWM) will likely bounce to $124-$126 in the coming weeks before stalling and possibly turned back down.

A net gain of 627% in 2020 is a reality for members of Verified Investing Alerts. For investors who are sick of losing money as the markets collapse due to the COVID-19, this is the key. Swing trading off technical levels allows smart investors to jump in at key levels and out for 10%+ gains in days. Master Trader Gareth Soloway has guided his members, actively swing trading stocks using key technical levels to multiple profits of 10% almost every day. With the action these days, members get multiple trades a day. See the VERIFIED track record HERE (scroll down on the page). Members get exact entry prices, stops, targets and daily videos that analyze the market, stock and current positions. The second Master Trader Gareth Soloway buys/sells a stock, members get a text/email alert to get them in/out of the trade in seconds. Join today and profit for life!