LONG EPHE - Bullish Indication at the 61.8% Fibo

AMEX:EPHE   iShares MSCI Philippines ETF
I believe that buying at 34.80 is a good risk reward even as it risks going near 34.00 We see a trading range possibility where risk is a definitive break of 34 but a reward of 40 to 42 meriting a buy at this point. More so, analyzing the PSEI shows that Oct 13, 2016 when index hit 7300 versus Nov 3 2016 when index went 7100 shows a bullish divergence using BB%B. Note too that as PSEI went new low, many sectors failed to make new lows. In fact we had a higher reading for prop sector. We also didn't see a new low in USDPHP despite index having a net foreign selling of 2B today. This coincides with the bullish divergences seen from Jan 11,2016 versus Jan 21 2016.