This is a subtle change, but I think it’s worth mentioning. I’ve never been too happy with the left trendline on IYR (the real estate ETF) so I’ve adjusted it and am much more satisfied with the result. It is far more accurate as an analog, plus it just so happens that now that angles of the lines are just about identical (62 degrees and 69 degrees, respectively). The bottom line is that I think the long-term direction of IYR is going to be substantially lower.

(Click on image to enlarge)