Market's "W" Base

You've no doubt read "W" base many times recently, that's what it looks like we have, take a look at a 15 min chart of the IWM.

 Here's the "W" formation, a type of double bottom, although much smaller than a traditional Double Bottom. Note the accumulation period would have started around 8/16 as has been the case on almost every chart I've looked at.

There is a price target implication in the pattern, for the IWM that would be approximately, here it's about $107.10, I think that's possible as the market will have to do something extreme to get the confidence of bulls, but I would normally think a target of $104.50 would be more likely, but the market tends to always surpass our expectations on the extreme side.

The 15 min 3C chart for the IWM shows this to be what looks to be a strong and valid "W" base with a higher 3C reading at the second bottom. I'll be looking around for a little more confirmation, but there are some assets that are starting to look interesting here. You do have to consider whether you want to take the risk of having new positions over a long weekend (3-days) with the Syrian situation.