AMT reaches another Fibonacci target.
We’re going to stay with chart labeling and retrace positioning as described in the last update.
The fact price action oscillated around the previous target (early in the session), then moved up, tells us there’s a more significant pattern at work.
Using that, we look at the AMT close. The ‘x’ location was a 38.2% retrace. Now, today (‘z’) we’re right at 50%.
Note the advance as slowed.
Net distance covered today is significantly less.
The parent index, real estate IYR, could not follow through to the upside; even after Friday’s aggressive move.
At session close, IYR just posted a reversal bar on the hourly chart.
We’re remaining short via DRV (not advice, not a recommendation).