Short EWZ on touch of long term resistance line and apparent continuation of long term bear market. However, if current correction leads to an additional wave up and breakout from the trend, the trade will be stopped and there are high chances of reversal towards long term bull market.
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5th positive impulse wave detected, triggering the trade's stop. Were are now apparently done with wave 1 in a major long term bull market and currently in the wave number 2 (A-B-C corrective phase of wave 1). Note that correction seems to be a pullback to the old negative trend line, respecting it even if sloppily. EWS could correct a little further before resuming long term bull market.
Well spotted!
If the trendline is drawn from the highs of May 2008 to April 2011 then it looks as though we still have some headroom. Strong support at the 28.80 ish levels
If the trendline is drawn from the highs of May 2008 to April 2011 then it looks as though we still have some headroom. Strong support at the 28.80 ish levels