An inverse trip to Brazil

Brazil is known for nice beaches, women and carpirinhas.
The beautiful Christ the Redeemer is placed high above Rio             .
Raging high is also the price of EWZ             which is stretched more than 30 % above its 200 DMA.
It has reached 1.618 of its previous intermediate top and it is due for an intermediate cycle low correction soon.
It has met a big resistance level and its RSI indicates heavily overbought conditions.
Wait for "double top" and take position in BRZS which is 3x inverse EWZ             . Recommend start with 50% position and increase by 50% after first confirmation.
Comment: BRZS has been liquidated!
Position can be taken in BZQ instead which is 2X inverse EWZ
Comment: I would reccommend waiting a bit before entering, today it found "support" @ the black level. I suspect it will make one final small run up to the resistance zone just to fail.
Therefore, always wait for price confirmation before entering!
Comment: There is significant resistance meeting EWZ at these levels. It failed at the 200WA and could not make a higher high today. I suspect that EWZ can go as high as 40, up from current close level at about 38. There it meet the outer resistance band from both ATH + this yearly bottom.

I added 25 % position @ close today.

I will add another 25 % position @ 39 and another 50 % @ 40.

If we dont get to 40, I add 50 % when confirmed swing high.
Comment: We never got up to 39-40 area.
I added today @ the close as we closed beneath the black resistance zone.
If you go now, u can still pick up some shares in the aftermarket.

Comment: I am now 100 % invested in this position. Today after it was down 1.6 % I sold all BZQ positions and bought 100 EWZ February puts. So far they are in very nice profit.
It is a LONG way down to that 200 MA.
Stock markets have confirmed ICL decline. So will this one in a couple of days.
This trade will lead to insane profits.
Comment: Finally a waterfall.
Comment: We might get a testback of the breakout area. Suggest to take some profits and re-load later.
Comment: Targets.
Bear intact.
Comment: EWZ hit 32 premarket and bounced as expeted.
chachiman Viking83
@Viking83, Great call again Viking83. Closed out my positions at $21.80. Will look for a bounce and re-enter. If I miss the next entry point, all good. You made me +29% in 3 days. Look forward to your updates.
Great Call. Went with BZQ @ $16.86 yesterday and doing good today. Keep up the great analysis
Viking83 chachiman
@chachiman, You're welcome!
BRZS? It doesn't exist!
Viking83 joabelb
I saw that! We have to take position in BZQ instead!
joabelb Viking83
OK. Do you recommend going long now?
Viking83 joabelb
I do not reccomend going long now!
joabelb Viking83
I meant going long on BZQ (Short EWZ).
Viking83 joabelb
Yes. It is still a bit risky to start a long, but I started my first 25 % of position @ close.
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