f1l1per.
Long

Trying to catch reversal on Brazilian Index

BMFBOVESPA:IBXL   The Brazil 50 Index
Well, i believe that the dashed green line is a major support. Its a region of plenty RSI's UP MD             (historically) and the dailly RSI is reaching the support of up trend. Its also the region of bottom of Wave 4 of the preceding rally. A look at the higher time frames will show that this is in fact a region of reversion, specially reversion from downtrends and corrections. There is a little more fall to occur, and i would watch for minor signals of reversion before a entry ( i may add charts of smaller timeframes in comments sessions) if the prices really reach this region. Targets are showed by green arrows (8,9% first and 11,8% then).

Give a look at my previous related idea on IBXL             (https://www.tradingview.com/chart/IBXL/AwpfQ6W2-Wave-2-on-IBXL-Brazil-50-Index/).

Technical analysis is a matter of probability, it is not deterministic, i might be wrong, and if i am, i will stand corrected.
Trade active: First try to be long on ibxl. Price did hit the green dashed support and just reversed up. See chart below in comments session.
Comment: white channel will probably work as a resistance (see chart below).
Trade closed manually: Well, none of my targets were reached, but it was a pretty good call anyway. Now i think it will resume correction. Now we have a well defined down channel, which give us more reliable targets.

My perspective for Ibovespa from now on:

snapshot
Comment: new idea:
Downtrend Back Again on IBOVESPA
First try to be long on ibxl. Price did hit the green dashed support and just reversed up. 06/01/2016, 10:28 hrs (NY time zone)
snapshot
Reply
White channel will probably work as a resistance.
snapshot
Reply
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