Bearish shooting star pattern right into channel resistance and just below major resistance line. You'd have to off your rocker to buy EEM exposure here, not with Fed day next week.
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I made a mistake, this is a dragon fly doji, nonetheless still bearish.
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Updated my charts a big.
Daily
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Weekly The case could be made for a bullish descending wedge, however I am inclined to distrust it due to fundamental reasons taking precedence (i.e., China walking away from tarriff discussion, fed week next week with possible interest rate hike, etc.)
I bought this last dip but thinking about switching to puts until the monthly taps the 20sma.
guillemartin
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TheShortLive, thank you for the analysis, but the last candle can be a Deliberation pattern?
PontusTrader
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@guillemartin, Interesting, learned something new from that. I did post the weekly chart update which looks like bullish wedge - but we'll have to see, I am biased down though because of this weeks headwinds, do not see how EEM will come out ahead.
guillemartin
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@TheShortLife, I see the same, although I'm a little more optimistic than two months ago. But I agree, things are very difficult for EEM.