Running through some Emerging market charts today (weekly). Looks like we are at a pretty significant an inflection point either way. Either breakdown through very obvious topping patterns or potentially reverse back up and morph into attractive continuation bases.
EEM (general EM's), EPI (India) FXI (China), EWY (Korea), EWT (Taiwan), EZA (Sth Africa), EWZ (Brazil). All showing similar patterns from late 2017 to now.
Makes sense that these are struggling with USD rallying. However if they start to break down, commodities (and likely gold) will struggle, which in turn will pressure ASX. Vice versa true of course, though i have to say, the patterns look more likely to break lower in my view. Anyway a good inflection point to keep an eye on.
Running through some Emerging market charts today (weekly)....
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Last
3,020.4 |
Change
38.100(1.28%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 2,982.3 | 3,026.2 | 2,982.3 |
| XSO (ASX) Chart |