Hello fellow traders. Today, I want to share some Elliott Wave charts of the IYR ETF which we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 11/06/18. showing that IYR ended the cycle from 10/12/18 low (75.15) at the peak of 10/30/18 (79.47) in red wave 1.
Below from there, we advised members that it should see the equal legs from 10/30/2018 peak towards the areas of the 100 – 1.618 Fibonacci extension of the black wave ((w))-((x)) which came around 77.44-76.45. Therefore, we expected buyers to appear in the sequences of 3, 7 or 11 swings. And that was the first area for buyers to appear to take prices to new high above 10/30/18 (79.47) peak. Or a larger 3 waves bounce at least. As IYR already reached the blue box it reacted quite aggressively to the upside.
IYR 11.06.2018 1 Hour Chart Elliott Wave Analysis
In the last Elliott Wave chart, you can see that IYR continued the strong reaction higher and rallied like expected to new highs above red wave 1 peak. Due to the right side tag, we expected IYR to be supported overall in the 1H timeframe. If traded our blue box. Any trades from that area have been risk-free, which means the stop-loss was moved to breakeven, targeting higher levels. Do please keep in mind that the 1-hour chart which I presented might have changed already. The blue boxes you see in our charts are our so-called High-Frequency boxes. Where the market ideally shows us a reaction either lower or higher. These areas are used be traded in the direction of the right side.
If you are interested in how to trade our blue box areas and want to understand how Elliott Wave works. Then I recommend you to get a shot on our special promotion which we are currently running below.
IYR 11.12.2018 1 Hour Chart Elliott Wave Analysis
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