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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