IYR (REIT sector ETF) has hit the first target, T1, for a quick 5% gain with the bear flag playing out perfectly. As the odds for a reaction off the initial tag of T1 are decent, swing traders could opt to book the quick profits and/or lower stops if holding out for any or all of the additional targets. Previous (Jan 7th) and updated daily charts below.
IYR daily Jan 7th
IYR daily Jan 21st
Likewise, SRS (-2x REIT sector ETF), which posted as an alternative proxy for shorting the REITs, has also hit & exceeded T1 & is good for a gain of about 12% so far, as IYR hits support. Previous & updated charts below.
SRS daily Jan 7th
SRS daily Jan 21st
Whether or not we get a reaction off this initial tag of T1 in IYR or not, more downside in the coming weeks to months still appears likely.