Pattern Opportunity – Long Emerging Markets Brazil (EWZ)
POWER OF THE PATTERN EXAMPLE
LONG EMERGING MARKETS – BRAZIL(EWZ)
PATTERN TO LONG EMERGING MARKETS BRAZIL (BUY EWZ ) SHARED: 7/23/13
EWZ / Brazil was hit hard over the past few years. It was back at the bottom of a falling channel, on support, breaking out of a bullish falling wedge where prior rallies took place.
Despite SPY being a little soft of late, EWZ has reflected relative strength compared to SPY and has been moving higher.
Huge test now for EWZ, due to potential neckline resistance and its 50EMA. Would be very bullish if a breakout takes place!!!
Changing stop on EWZ to 6% trailing
Chart reflects EWZ continues to work on breaking above more resistance lines.
EWZ breaks above initial resistance and now hitting 50% fib line.
Harvesting/Selling 40% of EWZ holding after a strong rally off 3-year falling channel support.
Changed stops to 4% trailing
Members who held on to the top of the falling channel were rewarded with a 25% gain.
I hope this example provides helpful insight into how I attempt to find quality patterns for members on a daily basis.
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