$IYT is in a bearish configuration.

It looks to have completed a triangle “B” wave and so I would expect it to move lower from here in 5 waves. This blue c wave should have a fib relationship with the blue a wave. I have posted three of those relationships. Ideally we look for equal legs, which is the lowest target, but it is no requirement. I will try to update this if the first two waves down offer me greater clarity.

[UPDATE]: I have revised this view here. I am filing this post in “Cancelled.”