As markets power higher, real estate topped last November; its been dead ever since.
IYR is telling us something. That something may be it’s about to be one of, if not the leader to the downside.
The last report said IYR is breaking down. This morning’s action was an upward test, then reversal.
Testing at Fibonacci 23.6%, (shown above) then reversing indicates severe weakness.
Inverse fund DRV (3X inverse IYR) is moving back into its prior trading range (11.00 – 11.50) after pushing lower in the early session.
Today could be the day. The day were real estate (IYR) begins a dynamic drop to much lower levels.
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