‘Frog In The Pot’
Once price action enters back into a previous trading range, the clock starts ticking.
Since IYR’s at the upper bound of the congestion zone, there’s still a possibility it can right itself and pull away to the upside.
During the mid-session just now, price action is pushing slightly higher and testing the underside of the range (upper blue line).
This is normal behavior … and we’re going to wait it out (not advice, not a recommendation).
For IYR to break out to the upside, there would have to be some major demand to launch IYR prices higher; just where would that demand come from?
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