Today we want to show you an interesting chart with clear Elliott Wave pattern suggesting deeper correction, which may have an impact on stocks across the globe.
We are talking about Emerging markets (EEM), where we clearly see a completed five-wave cycle from March 2020 lows following by bigger and deeper (A)-(B)-(C) correction. As you can see, after we noticed a bearish triangle pattern in wave B), we can now see it breaking even lower, ideally for wave (C) that can send the price down to 42 support area.
If that's the case and EEM goes sharply and impulsively for wave (C) then be aware of a bigger decline on stocks now at the end of the year.
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