IYR dropped from $96 on Feb 2nd to $78 on Mar 24th in wave 1 of 3,, followed by a retracement back to $86 into Apr 12th. From there it is ever so close to initiating a new leg down, projecting well below $70. If it does so by Jun 16th, those puts will be worth at least $10, 7X its current price. IYR - Daily There is an outside chance at $60, taking those Jun 16th $80 puts from $1.63 to over $20. The pattern and EW count are there, cycles point down into mid-Jun, it's an all-hands-on-deck bet.
