EWZ Tightening In Macro Triangle: Breakout Loading?

Here we are looking at EWZ on the Weekly TF!

As you can see, EWZ is currently at its MACRO downwards sloping resistance line, which dates all the way back to 2008 when the Brazilian Market put in its all time highs.

Since then, price has worked its way down, with many break out attempts of this line. Ultimately, each of the breakout attempts thus far have failed, but the chart has always found support at its macro upwards sloping trend line.

As price interacts with resistance, it’s important to recognize that price has really began squeezing between resistance and support, as it works to the APEX of this Macro Triangle structure.

If the EWZ continues to fall from its latest test, we should look for it find support at about $25, where the current support line rests around. Ultimately, I expect this to break out from resistance, and IF it can, I’d expect a nice run to follow!

As always this isn’t intended as financial advice, and I always recommend making your own financial decisions!

I will continue to update you on this chart as I see fit… Cheers!