- So far it looks the swing up action was only enough to retest the broken bullish trendline and Kijun Sen. - Ichimoku setup is still neutral, with bearish bias on forward Kumo. - Price is close to a strong resistance at 33,40+ - haDelta/SMA3 crossed down (but it is above zero line) - EWO is still slightly bearish
The big picture is neutral. What you have to consider is that Emerging Market stocks were leading the recovery rally from the Jan-Febr lows. If markets in general are, or will be really bullish, I think EEM should take the leadership again. Will it be the case? 33,40-34,00 zone and Price action here will soon tell us. :-)
Note: I had this idea about long EEM , but I started to doubt it will be able to continue bullish. Anyway, don't listen to me, I may be wrong at any time. Listen to the chart setup, that is correctly showing the truth most of the times!