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The hot flying Real Estate ETF (IYR) may have created a “Bearish Head & Shoulders” topping pattern at its 61% Fibonacci retracement level of late.
The “Power of the Pattern” suggested for Premium and Sector/Commodity Sentiment Extreme members to established a short position in IYR a few weeks ago and we are attempting to score on defense due because of the pattern above.
If support line (1) doesn’t hold, this sector could struggle for a while due to how hot it has been over the past couple of years! Key to this position is if support line (1) can hold or not! Members are keeping a trailing stop on this short position at this time.