Bearish on real estate - or REITs? Watch for a bounce (or more) from nearby support first

The ETF called IYR attracted lots if selling volume the past two days. I checked into this chart because of my recent post about the Chart of the Day feature chart and comments on real estate. But is the recent volume an interim capitulation before another bounce? On my weekly chart, there's Fibonacci support for IYR at $43.36. And a Fibonacci goal at $50.69. The area being tested now is also previous swing high price support. So it's possible it'll bounce soon (even if it becomes right to go bearish again later).

I can't guarantee IYR will push above $50, but I think it's worth trimming in shorts here or possibly playing for a bounce, or more. A target at $50.69 could be worth it. Conversely if it breaks under $43.36 then IYR wouldn't look so good. But since it remains over $43.36, IYR may surprise to the upside. At least in the near term. If it plays along, then consider partial profits on a retracement (such as 50% back to the recent highs), while leaving some in for the speculative possibility of IYR pushing to $50.69 (with a stop just under $43.36).