Conclusion: - buy 10.40 in the next few weeks if provided, there shall be rebound. - the worst case bottom may be as low as 7.50 in 2016. - Strong USD, Large production, weak BRL, Weak demand.. created a trend that will reverse somewhere in the next 12 months.
1) overall we are close to a bottom. 2) in time too after a 5 years correction. 3) if the market falls by another 35% it would really reach long term supports (around 7.5). This maximum low may not be reached and would probably be reached in 2016 if so. 4) the area 10 would provide a decent rebound if reached in the next few weeks.