Similar to #ES_F, IWM had signs of a false breakout while everyone was clamoring for a Santa rally. Though we did breakout after an accumulation period, one that lasted almost the entirety of 2021, we had trend line resistance from the 2020 lows directly overhead. If we lose the 2021 accumulation zone, selling could accelerate with velocity.
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Note: Though this consolidation was after an uptrend (from the March 2020 lows), and not a true accumulation zone after a downtrend, I use that term interchangeably here because it felt like a better descriptor of a year long consolidation. It was almost a year long sideways consolidation before a breakout attempt. Either way, the consolidation breakout appears to have failed and it would not be surprising to see further selling.