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Real Estate ETF (IYR) has lost 15% of its value in less than 90 days. Two support lines are in play right now.
The Power of the Pattern suggested in May that a large bearish rising wedge was in place in the Real Estate market was due to fall in price and caused SPY to fall 15% in value ! (see post here)
Is a counter trend move due here? If IYR doesn’t catch a little counter trend bounce here, it is trouble, which could spill over into the broad markets!!!