Still a chance to short in purple with low risk
Fairly high probability we see the Bovespa index trade to the downside. This is a great trade because it presents us with multiple opportunities if the stop gets triggered (with a close on the weekly time frame). Pay Attention to the correlation between USDBRL and Bovespa Index - extremely important as Brazil´s equity market has proven to be extremely sensitive...
The weakening of the Real will likely bring further losses in this index. A strengthening of the Real will continue to bring gains in the Bovespa index. See correlation in chart below. It's been statistically significant for 16 years, and is ongoing.