Our Friend Returns
Tim Knight | Dec 02, 2022 01:00AM ET
There probably hasn’t been any symbol mentioned more often on Slope over the past year than IYR, the real estate fund. TWe got closer to the major Fibonacci retracement (91.64) than we’ve been in months. The yellow tinted area is, to my mind, a tremendous top.
The appreciate these Fibonaccis, here is the entire history. You can see what a remarkable job they’ve done of providing support and resistance levels. I’d say that in a few months from now, IYR should be substantially lower, provided these Fibs are still respected. Personally, I’m going to wait for the jobs report today to see if we get another cursed rally, so I’m just watching and waiting for now.
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