Indus India Index - PIN, INDL, SIII

AMEX:PIN   Invesco India ETF
Indus India Index , the ETF (PIN) for this index is charted above. SIII can also be used to chart underlying index. Also INDL is the 2X ETF designed to track INDL .

Recently broke upward trend line which also corresponded with a confirmation of a H&S pattern. Target for H&S pattern completion is approximately the shaded area. This target area also looks to have some support going back to the 2012 highs. Finding a support here may set up a new upward channel marked in yellow. Failure there and moving lower to form a channel off the blue line is possible.

A broader pattern may also be forming as shown by the upper and lower lines forming a wedge . The final target for a long entry would be a revisit to this area ($26-$27).

Some patience will be needed to ensure a bottom has been made at potential yellow or blue lines. Failure at those and a visit to the bottom trend line may be in store first. Upside targets are about 35-40% higher from potential entry points and make this one worth watching.