EWZ Brazil Etf building a base where you may swing trade the 31 to 48 range. Cut loss below 26.50 the most recent low for a good risk to reward ratio.
In this weekly chart, I think the ABC down from May 2008 top is already completed in 2016 & we are now in the wave 3 of the new cycle.
If it bounces from the 27-28 zone, there is a 50% potential upside in this trading range in 2022.
Note: It completed a big M-Gartley pattern bottoming in 2016 at wave 2 @17.61. From 2016 till now, it is building a channel base for a huge Wave 3 in 2022.
In this weekly chart, I think the ABC down from May 2008 top is already completed in 2016 & we are now in the wave 3 of the new cycle.
If it bounces from the 27-28 zone, there is a 50% potential upside in this trading range in 2022.
Note: It completed a big M-Gartley pattern bottoming in 2016 at wave 2 @17.61. From 2016 till now, it is building a channel base for a huge Wave 3 in 2022.