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The market has come down in, for all intents and purposes, a crash over the past few weeks. Now that we are “down under,” the issue is whether we are seeing some sloppy consolidation before head lower, or whether this is a bottoming process. The reality is that there is smart money on both sides of the trade, and we will simply need to let it play out, in order to arrive at higher probability entry points for swing trades–Long or short–in the future.
Looking at the real estate sector, we can see that the IYR has actually been outperforming just about every other sector over the past few session. However, the daily chart is forming a textbook bear flag. Is it too obvious? See this piece I wrote several months ago for reference.
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offended chess and as a true aussie that pic doesn’t not do us justice. bloody best country in the world. 🙂
cheers mate