EEM just broke 50 day for the first time after quite a while.

I think the downside wave is finished, as wave 5 reached the 1.618 extension of wave 3 perfectly. If price in the next few days breaks above upside wave 1 I think it is a great time to go long, because wave 3 is usually the strongest and most impulsive wave.

The downside wave 5 also hit and bounced at the 200 weak moving average and the yearly pivot points S1.

Targets for this long trade is drawn on the chart.

Invalidation of this trade is the break down of previous low ~37

Stay safe traders!
Comment: The price action seems to not support the bullish trade. We will re-evaluate when price breaks below prior low. If that is the case, then it is a 3 wave ABC correction.

Related Ideas

Not really a good fETF, look at the top 10 holdings. Lots of Chinese stocks, you'd be better off just buying BABA. Buying a currency unhedged fund works better since the USD is pulling back, look at what INDY, EZA, and TUR are doing since their currency quit tanking.
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