Although overall post-May price action in the iShares Russell 2000 ETF (IWM)  is a messy range-bound sideways pattern, the up-leg that started on August 10 does not appear to be complete just yet. My work argues for one more new high that tests and likely marginally hurdles that August 4 high at 71.32 prior to a downside pivot reversal that initiates the next downward traverse across the pattern. We will be looking to enter short positions into the â�,��"finalâ�,� up-leg, should one develop.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.