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When interest rates starting moving higher in May, the Real Estate market became very concerned and sellers stepped in. The Dow Jone Home construction index and REIT ETF (IYR) both fell over 15% in less than a four month time period.
The decline drove IYR from the top of its rising channel to the bottom, where it also created a bullish falling wedge and potential triple bottom in the chart above.
Premium and Sector/Commodity Sentiment Extreme members bought IYR as it was breaking above falling resistance of this bullish pattern. If you would like to take advantage of the Power of the Pattern, I would be honored to have you as a member.
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