The Fidelity Housing Index has bounced above the 50% retrace of the 2000-2007 level but has resistance at the 2×1 angle. Price cannot be considered bullish while below the 1×1 descending diagonal. But I am surprised that price is above the midpoint of the long term range.
The Real Estate Investment Trust Index shows REITs have not had the same strength in their chart as in the index above. Price is well below the 50% retrace level of the long term bull market. If the total market begins to drop here then I will expect the REIT price to follow the 2×1 descending angle down.
Andy, can i ask what software do you use to draw those Gann charts? I really appreciate it if you can let me know. Thanks,
Derek