$IWM - As I’ve mentioned in some of my prior PAT Updates, I believe our main focus should be on the 1D Bull Market Support Band, which has been a strong reversal spot over the last couple of months, and on Fibonacci extension levels, specifically the 1.414 and 1.618 POIs at $275–$290, where I’ll be looking to de-risk part of my spot holdings in small-caps and rotate capital into other asset classes, as we’re currently in price discovery.

I believe that as long as the price holds above the support band, the most likely outcome remains further upside.

However, if the price were to break below it, I would take a more conservative stance and hedge part of my spot holdings in small-caps, since that would open the door for further consolidation in the short-term, before a more durable reversal to the upside.