Dow Jones Real Estate Index has broken above 1.28.2015 peak and is now showing an incomplete sequence up from 2009 low. This makes the sequence bullish against 2.11.2016 low and calls for more upside toward 348 – 379 area initially before Index makes as 3 wave pull back to correct the cycle from 2.11.2016 low and ideally continues higher. Our main focus right now is at 2007 peak. if bulls manages to break this peak, that would make it an incomplete bullish Elliott wave sequence from all time lows and should have bullish consequences for other World and US Indices like Dow, SPX, Russell and NASDAQ etc. That would mean the new cycle which started on 2.11.2016 low could last for another 5-7 years (same amount of time that the cycle from 2009 low to 2015 peak took) and become a one way long ride. As of right now, it is just anticipation and Index does need to break above 2007 peak to confirm this view, until then it could still do a bullish triangle from 2007 peak or even a larger double three (wxy) Elliott wave structure from 2007 peak which we think is very less likely and hence we will be push higher against 2.11.2016 low for now.
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