Hello Traders, In this blog, I want to share with you our recent Elliott Wave charts of the Real Estate ETF called IYR which we presented to our members. Below, you see the 1-hour updated chart presented to our clients on the 08/08/18.
IYR ended the cycle from 03/23/18 (72.71) low at the peak of 07/06/18 (82.20) in blue wave (3). Below from there, the ETF ended the correction from 07/06/18 (82.20) peak in blue wave (4) at 79.23 low. Up from there, it broke already to new highs, confirming that the next extension higher has started.
Near-term IYR ended the correction from 07/06/18 (82.20) peak in blue wave (4) at 79.23 low. The internals of blue wave (4) unfolded as Elliott Wave double correction which ended red wave W at 07/18/18 low (79.76), red wave X pullback at 07/19/18 peak (81.26) and red wave Y of blue wave (4) at 07/25/18 (79.23).
Up from there, the ETF ended the cycle from 07/25/18 low in red wave A at 08/06/18 (82.50) peak. The internals of that move unfolded as a leading diagonal where it ended black wave ((i)) at 07/26/18 low (81.01), black wave ((ii)) pullback at 07/30/18 low (79.24), black wave (( iii)) at 07/31/18 peak (81.51), black wave ((iv)) at 08/01/18 low (80.15) and finally black wave ((v)) of red wave A at 08/06/18 peak (82.50). Below from there, the ETF was in the progress of correcting the cycle from 07/25/18 low (79.23) in red wave B.
Therefore, we expected buyers to appear in the dips in the sequences of 3, 7 or 11 swings. At the 100 – 1.236 Fibonacci extension of black ((w))-((x)). Which came at around 81.04-80.81 area. Hence why we advised our members buying the ETF will be the right way to go at that equal legs area (81.04-80.81) ideally for new highs or a larger 3 waves bounce at least. Due to the right side bullish stamp, which you can see in the chart below.
IYR 08.08.2018 1 Hour Chart Elliott Wave Analysis
In the last Elliott Wave chart, you can see that IYR bounced nicely from the equal legs area (blue box) and rallied quite aggressively to the upside. And any long trade from the blue box area has been risk-free by that time and our members have been enjoying the rally so far. Do please keep in mind that the 1-hour chart which I presented here can have changed in the meantime. If you want updates every day. I can recommend you to take a 14 days FREE trial below.
IYR 08.20.2018 1 Hour Chart Elliott Wave Analysis
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