IYR ETF trader tip: Using the daily chart, Technical Traders goes over IYR ETF, which had a beautiful pullback over the last month and a half and has rallied back up. Chris details how this can be seen as two different types of patterns. You can argue this is a cup and handle or a pause and consolidation before continuing to go much higher.
By using the Fibonacci extension, we can better understand where the momentum in this rally should take us going forward. Based on the current price, that would bring us somewhere up around that seven and a half percent upside move in the real estate market.
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Disclaimer: None of this material is meant to be construed as investment advice. It is for education and entertainment purposes only. The video is accurate as of the posting date but may not be accurate in the future.