Brazil stocks to break downward
EWZ is in the resistance zone
Brazilian stocks unable to climb out of range
Is it time for the reversal?
Brazilian stocks climbed 40% off our support
What comes next after that 3-wave move?
Brazilian stocks can travel lower after a bounce
There should be a trade soon
iShares MSCI Brazil Index ETF (EWZ)
By request, here is a look at the ETF that covers Brazilian equity. Looking at the weekly chart below, you will see that I am calling the move from the 2008 high to the early 2016 low a completed three wave corrective structure. Up from the 2016 low, I think you can call that an impulse up for [i] or [a]. The current swing down this year should only be the first move down in a three wave formation for [ii] or [b]. Prices have bounced from a Gann related support at 31.37 though I favor a test of that low or a new low before the impulse is complete. The idea of a new low in (a) is alive as long a the bounce stays under Fib resists at 35.16 and 37.62.