FXI 35.11 Bearish – Tests 7-week rising wedge support

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FXI             35.11 Bearish – Tests 7-week rising wedge support

FXI             is testing 7-week rising wedge support (from August 24 low/August 27 high, 2015). A breakdown below 34.32 (September 29, 2015 low) would complete a bearish continuation pattern, extending the downswing from the 52.85 record peak (April 27, 2015) to open 32.80/31.85 (August 24, 2015/June 24, 2013 lows) near the 61.8% retracement of the entire 19.35/52.85 rise (2008 low/2015 high) at 32.12. Below would expose 28.61 (October 3, 2011 low) which is above the 76.4% retracement of the entire 19.35/52.85 rise at 27.22. However, if the 34.32 area holds, there is potential to retest the 37.94 range high (September 14, 2015). Only an upside break through the latter would stabilize the structure and improve the outlook for 40.64 (March 9, 2015 low).
Daily: bearish
Weekly: bearish
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