IWM, iShares Russell 2000 Index, forming downward Elliot Wave.

The IWM iShares Russel 2000 Index has formed a downward Elliot Wave pattern on the 30 min interval chart. This is a sign of strong bearish sentiment, likely due to the continuously escalating trade war between Washington and Beijing. Similar patterns are seen on the 30 min charts of other index ETFs, such as the SPY S&P 500 index, the QQQ Nasdaq Trust, and the indices themselves, such as SPX, IXIC, etc. Essentially, this pattern is shared market-wide, suggesting further medium-term bearish movement. If this is accurate, it is not to say that the market will make small bullish moves; those are necessary to the structure of the Elliot Wave.