IYR, the ETF for US Real Estate, Day chart shows price is currently attempting to retrace a Bullish Butterfly as shown in green, there was some folks that jumped on the buy wagon ahead of the ideal PRZ of 71.45 so how far they can take it in Retrace Mode offers clues.  I’m looking for ideal minimum target of 77.34 and dreamed of target of 85.80.  However there is some unfinished business below at the aforementioned 71.45 as well as 67.87 so what I’m looking for is either conviction to hold above 77.34 or to reject it providing it gets there.

IYR Day Chart

To zoom in on current price action while Day chart is testing its 100Day moving average as resistance, I’m using an STRange 20 Bar chart.  For initial levels to break and hold I’m watching the STRangeMarker as shown with the dashed black lines.  A hold above 75.37 has a PRZ target of 75.94 or even 76.67, this scenario will help the Day chart hone in on the ideal minimum Retrace Target of 77.34.

There is indication of price being at a decisive point so best to be prepared for a break and hold beyond the STRangeMarker in either direction.  A break down of 75 risks shifting the intraday bias to the downside with an important support test at 74.51, this has nice convergence there so that encourages price to come to it as well as offers buyers an opportunity to step in.

IYR 20 Strange Bar Chart

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