IYR Forecasting The Rally & Buying The Dips At The Blue Box

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of IYR published in members area of the Elliottwave-Forecast .  As our members know,  IYR is showing incomplete bullish sequences within higher time frames cycle. Break of 10/22 peak made ETF bullish against the 89.39 low in first degree. Consequently, we advised members to avoid selling IYR and keep on buying the dips in the sequences of 3,7 or 11 swings whenever get chance.  In further text we’re going to explain Elliott Wave Forecast and trading strategy.

IYR 1 Hour Elliott Wave Analysis 01.30.2020

Current view suggests IYR is doing wave 2 red pull back against the 90.87 low. Proposed pull back can be still unfolding as Elliott Wave Double Three Pattern. As far as the price stays below short term high- 96.26,  ((x)) connector is done there, and we could be doing ((y)) leg down. Proposed leg lower has scope to reach 94.85-93.96 Blue Box area.  At the marked zone buyers should appear for proposed rally or 3 wave bounce at least. We don’t recommend selling IYR ETF and favor the long side – buying it at the blue box. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.As soon as the bounce reaches 50 fibs against the ((x)) black peak we should make Long positions risk free. Invalidation level for the long trades would be break below 1.618 Fib extension: 93.96

Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least.

You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page. 

IYR 1 Hour Elliott Wave Analysis 01.30.2020

Eventually , IYR  gave us proposed leg down toward blue box. It found buyers right at the blue box area : 94.85-93.96 . Pull back completed at the 94.29 low as Elliott Wave Double Three Pattern.  Now, we need to see break above 01/22 peak to get confirmation next leg up is in progress. Until that happens we don’t recommended buying short term dips against 94.29.  Members who took long trades from the Blue Boxes should be already risk free.

It’s crucial to fully understand our official strategy:  trading the equal legs and sequences in 3,7,11 swings. Combined with Trend Trading it gives you very powerful system that protects your account and makes you profit.  If not already familiar with this strategy, all you have to do is to sign up for 14 days Free Trial and watch our Free Educational Video in membership area. If still having some questions after watching it, feel free to let us know and we will help. You can ask questions in 24 Hour Chat Room and in Live Analysis Sessions.

Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.