The Brazilian stock market might be close to finishing a large upwards impulse.
Take a look at this chart (click it to view full-size version):
What is up for debate is the exact endpoint for wave {IV}, it could be either of the lows touching the {II}-{IV}-trendline. If the bottom occured at the first low, then the advance in wave {V} still has some time left (1-2 weeks), including a sideways consolidation due to start soon, followed by one last move upwards. If it is the second low, then wave {V} could be over at any time.
What follows the completion of wave {V}? At least some form of ABC-correction is to be expected.
In the Bovespa Index-section (membership required to view), you’ll find our longer-term assessment of the Brazilian stock market on multiple time frames.
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