EEM emerging Mkt bottomed @39 or fall further to 37 or 36?
EEM now near 41, has already fallen more than 30% from Feb2021 top at 57.19. Two weeks ago it fell to 39 the green VWAP from 2016 & bounced with a weekly hammer candle. It is now being rejected by a FIB CHANNEL level near the yellow 41-42 pivot zone. Holding this zone will see more upside maybe up to 44 or 46 before a c-wave down.
If 41/42 does not hold, there are only 2 strong supports down:
One is at 37, the black VWAP from 2011, which will be another 9% drop from current price.
The worst one is at 36 ( the red VWAP from 2009), another 14% drop from here, making the total crash of 38% from ATH.
The 37 to 36 zone will be a good place to slowly average down into EEM. Note that the dollar index DXY seems to be topping out near 105, which will be good for emerging markets, gold, silver, commodities & maybe BTC, which are all priced in terms of dollars.
Not trading advice
If 41/42 does not hold, there are only 2 strong supports down:
One is at 37, the black VWAP from 2011, which will be another 9% drop from current price.
The worst one is at 36 ( the red VWAP from 2009), another 14% drop from here, making the total crash of 38% from ATH.
The 37 to 36 zone will be a good place to slowly average down into EEM. Note that the dollar index DXY seems to be topping out near 105, which will be good for emerging markets, gold, silver, commodities & maybe BTC, which are all priced in terms of dollars.
Not trading advice