Elliott Wave Analysis of iShares U.S. Home Construction ETF (ITB)

The decline from Jan – Dec 2018 appears to count as 3 wave decline, the subsequent rally from the Dec 2018 low can currently be counted in 3 waves. Failing on or around current levels followed by a large move below $36.00 can argue that the advance from the Dec 2018 low has likely ended and started a new move lower for wave [Y] of a suspected double zigzag.

If you own housing stocks, it might be prudent to think about some protection or scaling out of positions, or at least watch to see if a big move below $36.00 on ITB is seen. Whilst it’s above $36.00, the trend remains up and no threat to the current uptrend from the Dec 2018 low.

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

Futures trading in stocks, Forex and commodity markets carries a high level of risk and past results are not indicative of future performance, trading may not be suitable for everyone. Information supplied maybe copied or reproduced with the permission from the owner, providing that the full attribution is given to the original source and have the acknowledgment of wavepatterntraders.com or its owner.

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Elliott Wave Analysis of iShares U.S. Home Construction ETF (ITB)

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