Riding the Wave: ($IYR)’s Impressive Rally and What’s Coming Next
Hello everyone! In today’s article, we will follow up on the past performance of the Real Estate ETF ($IYR) forecast. We will also review the latest weekly count. First, let’s take a look at how we analyzed it back in March 2023.
$IYR Weekly Elliott Wave View – March 2023:
In our last article, we said that “we don’t believe in a crash but a correction is clearly unfolding and soon buyers will appear at the Blue Box area for a reaction higher. Once the reaction higher unfolds, we will be able to tell if the low is in place and continue higher or more downside will follow.”
$IYR Weekly Elliott Wave View – July 22, 2024:
$IYR
The latest weekly update confirms that $IYR has ended the cycle lower after bouncing from the Blue Box area at $73.53 – 56.27. As a result, the ETF has moved higher, allowing long positions to become risk-free. We expect $IYR to rally in one more push to make a 5-wave pattern before another pullback occurs. Traders should look for re-entry opportunities at blue (2) in 3 or 7 swings due to the incomplete bullish sequence with a target of $101 – 114.
Elliott Wave Forecast
At Elliott Wave Forecast, we cover 78 instruments, providing comprehensive analysis and updates. Please note that not every chart is a trading recommendation. Official Trading Recommendations are available in our Live Trading Room. If you’re not a member yet, Sign Up for 14 days Trial to access new trading opportunities and enhance your trading strategy.
Welcome to Elliott Wave Forecast!
Source:https://elliottwave-forecast.com/stock-market/riding-wave-iyr-impressive-rally-coming/
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
