How is the Real Estate sector ($IYR) calling for more upside

Elliott Wave Forecast Team ElliottWave-Forecast.com

Today, we will look at the shorter cycles of The Real Estate ETF ($IYR) and explain why the sector should remain supported for the next few weeks. This is how we saw it in March 2023 expecting a bounce to take place first before lower again.

$IYR (Real Estate) 4H Elliott Wave analysis May 1st 2023

The bounce in red 2 is unfolding in a Zigzag (ABC) structure to correct the cycle against Feb 2023 peak. The first swing in black ((a)) unfolded in 5 waves from 3.24.2023 low which is an impulsive count. Corrections run in 3, 7 or 11 swings so the 5 waves higher gave a signal that we are going to remain supported against 3.24.2023 at $78.00. The ETF pulled back in 3 swings to correct the cycle against 3.24.2023 and ended ((b)) last week. From there, the ETF found buyers and made a new high above ((a)). That opened an incomplete bullish sequence to the upside. The next target area to the upside comes at $90.52 – 95.49 and that’s where sellers should be waiting to appear to resume the downside.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD remains below 1.1850 after US data

EUR/USD struggles to gain traction and trades in a narrow range below 1.1850 on Wednesday. The US Dollar stays resilient against its rivals following the better-than-expected Durable Goods Orders and housing data, limiting the pair's upside ahead of FOMC Minutes.

GBP/USD stays in narrow channel above 1.3550 ahead of FOMC Minutes

GBP/USD holds its ground following Tuesday's slide and moves sideways above 1.3550 midweek. Although the data from the UK confirmed that inflation cooled in January, the positive shift seen in market mood helps the pair keep its footing as investors wait for the Fed to publish the minnutes of the January policy meeting.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.