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!!!

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past