Given my view on housing I'm happy to add it to my short REIT portfolio but looking at Weekly chart I'm not entirely convinced it has completed its retracement in Wave 4 and good go as high as $20-$21.
It looks like a classic Bump and Run formation that will return to its origination at $4.
Wave 2 was a Zig Zag so this 4 should be a flat under the rules of alternation ( not always) so I'm happy to start accumulating a short position as it seems to be forming the right shoulder of a weekly H and S with a $16.8 neckline which if breached targets $7 and will attract a lot of technical selling.
Chart - Z1P, page-16183
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$2.24 |
Change
0.050(2.28%) |
Mkt cap ! $2.835B | |||
| Open | High | Low | Value | Volume |
| $2.20 | $2.30 | $2.18 | $41.43M | 18.50M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 33224 | $2.24 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.25 | 160943 | 10 |
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