Premium Preview: IWM Flies Like A Butterfly, Bites Like A Shark

$IWM Day chart shows the upside move has been in Retracement Mode to the upside of a Bullish Butterfly harmonic pattern.  It has breached its 61.8% retrace target to complete another harmonic pattern called Bearish Shark.

What this means is this red PRZ (Potential Reversal Zone aka the completion zone of a harmonic pattern) 115.3 to 118.15 are the initial levels to break and hold to determine which targets have a higher probability of being tested.  An upside break has the ideal target of 129.10 and scaliing points or potential rejection points at 120.3, 121.51 and 125.06.  A downside break of 115.3 has an initial pull back target of around 110.8 but in the world of harmonics, the ideal minimum target is 107.92 and ideal targets are 105.11 with potential breach to 102.36 or 93.64.

The bias is to the upside as long as price can hold above 110.01 or more important above 118.15.  Due to expansion, keep in mind there's a potential of stall at this PRZ.

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