Elliott Wave View: IYR new all-time-high in sight [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

IYR is the ticker symbol for U.S. Real Estate ETF. Since the financial crash in 2009, the instrument is steadily rising and currently only $1 from breaking the 2007 all-time high. In the short term chart below, we can see the rally is unfolding as an 5 waves impulsive Elliott Wave structure. The impulsive rally started from August 16, 2019 low where wave ((i)) ended at 92.66 and wave ((ii)) ended at 90.75. Wave ((iii)) is in progress and unfolding as another impulse Elliott Wave structure in lesser degree.

A 100% Fibonacci extension measurement from August 6 gives us a possible short term target of 96.45 – 97.8. This can be a possible short term target to the upside. Near term, while pullback stays above 90.76, expect the instrument to extend higher. We do not like selling the instrument. Dips should find buyers in 3, 7, or 11 swing as far as pivot at 90.76 low stays intact. In the larger degree, if IYR makes all-time high by breaking above 2007 high (95), that should create a bullish sequence and open further upside in the larger degree.

IYR 1 Hour Elliott Wave Chart

IYR 1 Hour Elliott Wave Video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD pops to yearly highs near 1.1770

EUR/USD rapidly reverses course and hits fresh YTD tops near 1.1780 at the end of the week. The pair’s U-turn comes on the back of the intense sell-off in the Greenback amid the generalised risk-on context.

GBP/USD climbs to four-month tops near 1.3600

GBP/USD is building on its solid weekly advance and is pushing toward the 1.3600 hurdle on Friday, or new four-month peaks. Cable’s strong move higher comes as the Greenback intensifies its decline, while auspicious results on the UK calendar also collaborate with the uptrend.

Gold picks up pace, approaches $5,000

Gold prices keep their uptrend well in place and gear up for an imminent hit to the key $5,000 mark per troy ounce on Friday. The yellow metal’s sharp advance gathers pace amid the increasing weakness in the US Dollar and mixed US Treasury yields across the curve.