A Close Shave
Just a few days ago, the small caps (by way of IWM) got heart-stoppingly close to busting above a long-term resistance line. Mercifully, the trendline did its job well and repelled the price action.
(Click on image to enlarge)
The longer-term view illustrates why this repulsion was so important. We seem to be in the throes of a third major reversal of the IWM over the past few years.
(Click on image to enlarge)