IYT, the Transportation ETF, has harmonic PRZ's calling price higher but there are obstacles that need to be addressed.
The Day chart shows there's an emerging Bearish Shark PRZ at 172.94, there's also a cyan colored triangle seeking its midpoint and if it plays out will help price complete the Shark. If that doesn't make sense, then welcome to the world of harmonics lingo.
There is a requisite for price to pull back to at least 134.03 for the cyan rotation, failure to do so could breach 145.85 to test 145.9 which is technically the max triangle midpoint for this particular rotation. Simply put if price can hold below 143.29, the ideal pull back target is 134.03, note this is also the extreme for a bull cross validation test.
The bias is currently to the upside but if price were to hold below that pull back target of 134.03 then it risks shifting the bias, and then the cyan ABCD targets come into play with an important potential obstacle at 114.91.
Also, keep an eye on the intraday chart, in this case an Hour timeframe, if hold below initially 141.11 then more important 139.73, the probability of testing 134.85 increases. This would be a completion of an intraday Bat AND help the Day chart pull back to it's ideal minimum for that leg needed for the cyan pattern.
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