May 16: VNQ, Vanguard Real Estate ETF has triggered new downside targets according to Fibonacci extensions. The targets were triggered as the price went below the entry point at 68.96. The ultimate oscillator confirms price weakness. If the 100% target is reached, it means the price would drop in half from here.
Fidelity description of VNQ: “The investment seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of the MSCI US Investable Market Real Estate 25/50 Index that measures the performance of publicly traded equity REITs and other real estate-related investments. The advisor attempts to track the index by investing all, or substantially all, of its assets-either directly or indirectly through a wholly owned subsidiary, which is itself a registered investment company-in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. The fund is non-diversified.”