Brazil; Waterfall in prices starting? Impact U.S.?

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Published : May 18th, 2017
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Category : Crisis Watch

24hGold - Brazil; Waterfall in...

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

24hGold - Brazil; Waterfall in...

CLICK ON CHART TO ENLARGE

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ breaks support at (1), it should attract selling pressure. If it falls hard, the decline could well put the hurts to Emerging markets (EEM) and potentially ripple into the stock market in the states!!!

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Data and Statistics for these countries : Brazil | Georgia | All
Gold and Silver Prices for these countries : Brazil | Georgia | All
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Graham Summers is Chief Market Strategist for Phoenix Capital Investment Research, an independent financial research firm based in Charlottesville VA with clients in 56 countries around the world.
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