IYR touched 95.15 this morning before sliding over $1.00 in the past couple of hours. The significance of it declining below the blue-dotted line mid channel cannot be overstated enough. It's not there yet, but if and when it comes it will open a trap door to the projected Wave 3 target. That price level as this is going out is at approximately 92.50. Below that level the bottom trend channel is minimum expectation by or before Sep 16th expiration.
