$IWM bear/bull case

BULL CASE

• Channel support looms.
  
• Big volatility down trend (RVX) - possible support of 29 in RVX from March breakout.
  

If uptrend from 7/31 in channel continues:

• 166 would be fill of Feb gap down.
  
• ATH's come next at 171.
  
• Multi-week, channel upside goes to 185.
  

BEAR CASE

• Bearish divergence on RSI, riding up on down volume.
  
• Multiple support levers that could get swept away in sell-off.
  

• Double top alive if bears capture ~154 in the near future.
  
• Early August gap needs filling down to 151.
  
• Mid June gap needs filling down to 142.
  

Open to any thoughts/feedback. Mostly going through this exercise to force myself to be clear-eyed about risk reward.