EWZ Brazil, a commodities proxy is now in Wave 3 of III
With the current fear of recession & rising inflation in the US, a lot of funds will be flowing outside into emerging markets, China & also Brazil which is rich in commodities especially now that the dollar seems to be peaking out as foreign markets slowly becomes more attractive to invest in.
EWZ may retrace down first to fill the gap at 33.65 green line. A bounce from here will enable a near 20% rally to the 0.618 red zone at 40 to 42.43.
42.43 will be a strong pivot point since it is the intersection of the 0.50 red dotted FIB level of my slanted FIB CHANNEL with 1.272 FIB of the recent wave 2. EWZ is currently in the wave 3 of 3 of a larger wave III.
Not trading advice
EWZ may retrace down first to fill the gap at 33.65 green line. A bounce from here will enable a near 20% rally to the 0.618 red zone at 40 to 42.43.
42.43 will be a strong pivot point since it is the intersection of the 0.50 red dotted FIB level of my slanted FIB CHANNEL with 1.272 FIB of the recent wave 2. EWZ is currently in the wave 3 of 3 of a larger wave III.
Not trading advice