EEM:BIG BULLFLAG & A DIAMOND at big support zone.
I think it is time for Emerging mkt to rise after falling near 20%. It has made a big flagpole & the flag is now at the 38.2% Fib retracement which is also a big support zone (45.68 to 47.50).
It had broken out of a BIG multi-year consolidation WEDGE last Jan 2021 to extend the 3rd leg of the flagpole & has re-entered inside this wedge to retest this impt support zone.
This would be the best place for EEM to reverse up. Given how big the flagpole, retracement may be limited.
Could it get lower? Possible too… as low as 41, a 61.8% retracement of the flagpole.
Any which way…wave 3 continues.
Not trading advice
It had broken out of a BIG multi-year consolidation WEDGE last Jan 2021 to extend the 3rd leg of the flagpole & has re-entered inside this wedge to retest this impt support zone.
This would be the best place for EEM to reverse up. Given how big the flagpole, retracement may be limited.
Could it get lower? Possible too… as low as 41, a 61.8% retracement of the flagpole.
Any which way…wave 3 continues.
Not trading advice