IYR is the ticker symbol for U.S. Real Estate ETF. Since the financial crash in 2009, the instrument is steadily rising and currently only $1 from breaking the 2007 all-time high. In the short term chart below, we can see the rally is unfolding as an 5 waves impulsive Elliott Wave structure. The impulsive rally started from August 5, 2019 low where wave ((i)) ended at 92.66 and wave ((ii)) ended at 90.75. Wave ((iii)) is in progress and unfolding as another impulse Elliott Wave structure in lesser degree.
A 100% Fibonacci extension measurement from August 5 gives us a possible short term target of 96.45 – 97.8. This can be a possible short term target to the upside. Near term, while pullback stays above 90.76, expect the instrument to extend higher. We do not like selling the instrument. Dips should find buyers in 3, 7, or 11 swing as far as pivot at 90.76 low stays intact. In the larger degree, if IYR makes all-time high by breaking above 2007 high (95), that should create a bullish sequence and open further upside in the larger degree.