Morn all , Was getting a bit worried about the southern Americas in the last few days and in particular EWZ ,
http://stockcharts.com/freecharts/gallery.html?EWZ
but it could be more related to the upcoming elections and PBR ? If anyone follows these I'd welcome a view .
EWA ,
http://stockcharts.com/freecharts/gallery.html?EWA
They often trade together , pairing of sorts .
Ewa is the old Aussie secret msci index and now an etf thing in the USA .
Quite a few folks will treat today as the first buy zone as it ticks above the weekly forming a pivot of sorts . Some will not pick up that spi already has an outside day which was our retrace back to the 23.6 level as they only use cash markets . See daily spi chart and retrace on 30 min chart .
I'll be looking for a 15 min candle for guidance at this morns spi open as shown in the 15 min gap chart . A green candle on 15 min gap up MIGHT be a sell but no definites as it is a method of trade more than a must sell pattern and does allow for close stops .
Not real sure on the rising fib pattern that I've been using as it is not as clear as when I used it years ago . Each line offering resistance should be hit from the top like 23.6 but 38 but 50 didn't appear to work but 61.8 did so logic says 61.8 could be a target to the downside unless the writing on the chart is key {not sure about this hit}
Some can now view the power of a weekly spi gap as u can see multiple hits for the last 2 days .
