IWM - 4h

Strong impulsive rally off this week's lows could be setting up a 3rd wave higher late this year. IF a retrace holds support above the 61.8% retrace of this week's rally, THEN takes out the top wherever this melt-up finally stops, I'll be looking for minute wave iii of minor wave 3 as shown. Otherwise, a deeper wave 2 (in green) is possible. Below 103 wave 2 is still possible, but I'll examine other possibilities which appear remote at this time.
See smaller time frames for internal wave structures.