EWZ wedge revisted

November 03, 2016

At the beginning of the year I posted this compelling chart formation of Brazil ETF that also correlated with bottoms in  Gold  Silver and Crude.

The descending weekly wedge has unfolded with three pushes up and there are now weekly sell divergences.  This does not imply a full retest down.  It might be the start of a prolonged consolidation trading range, a retest to the EMA, or a  deeper swing down.  However, it does suggest that the best of the buying has occurred for now.

EWZ1