see notes on chart... and... in the what could have been department with regard to the IWM here, not a HS, not a double top classic, heading for a triple top, no way, chart patterns failed, why? because this is a new day, a new market, driven mostly by currency changes because of government QE actions, talk, chatter, and spin. The fundamental system failed in 2008, IT FAILED. Since then, whether we like it or not, the market moves based on OTHER FACTORS, and we are learning them, if we have ears to hear and eyes to see. You have to put on the new perspective, even if we are creating it as we go. So I default to these trinagles of the currencies. They set the strength of the market and direction. The PE of the IWM overreaches the truth of the USD/JPY's MACD AND RSI. So what if... the big corrections in the IWM, SPY, DOW don't happen, and we get yet another big dipper, down to the new triangle base and wave 1 of the next 5 wave? Looks very likely if you USE THIS NEW PERSPECTIVE< "never trade without checking the currency effects first to confirm you are NOT in divergence from their strengths". Just my Humble opinion.