1. Descending wedge
2. MACD resetting at 0
3. Rate of change of MACD is improving
4. Hedgeye likes the country's macro fundamentals and has been mentioning it
The Dollar bounces from its crash-mode and sends everything down.
I have a position I am going to add to it.
Looking at the chart, we can see a fake breakout with the price returning back inside the bearish trend line. Barring any surprises, it should heads further south towards 84.65 or worse, 80.99.
I am more keen to buy this ETF than short it and at current price level, the risk reward does not seems justifiable to short it. But for those intraday...
The question for me here is has the 4th wave correction finished at the 61.8 fib retracement (same question for most global equities) or if this correction has further to go. Whatever the outcome of that question I still think that this index might have another leg higher.