IWM: Path of least resistance is up

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Dear all, it should be evident from IWMs recent price action that this level and pressure of selling is not consistent at all. She is way oversold and ripe for an upward bounce please see verbiage in the chart to see exactly why. While I would not be surprised to see sideways consolidation or potentially even a new bottom (not likely) it should be clear the path of least resistance is up. Based on the horizontal volume profile (represents levels of volume at any given price range) IWM should levitate towards the upper 160s at least but I do not have a specific price point at this time. Thanks for reading please leave questions and comments below.