Head And Shoulder Pattern Alert: Russell 2000 (IWM)

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 neckline is breached. Once that happens, a smart investor can calculate the downside target. In the case of the IWM, the neckline 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 neckline break. Investors should continue to follow this setup to see if the head and shoulders triggers.

(Click on image to enlarge)

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David P. Goldsmith 3 weeks ago Member's comment

When is the timing of this in your mind?