The Brazilian Bovespa Index (also referred to as IBovespa) entered a correction during H1 2017, and was generally range bound during this time period. It was a quite difficult time period to analyze and trade. Let’s see how we did.
The Brazilian stock market was one of the best performers of 2016, especially counting from its low in January of 2016, to its high in November of 2016. EWT Investing did not analyze the Bovespa Index (BVSP) on a regular basis until May 2016, but regardless, we’ve made some calls that might be useful to take a look at and see if anything can be extracted from them.
The Brazilian stock market might be close to finishing a large upwards impulse.
Bovespa Index (Brazil) just hit an important level and minimum target of ours, and is now up against potential resistance. This is a very interesting situation, because the recent developments to a large degree, solidify larger wave patterns in play.
When using Elliott Wave Theory properly (which most practitioners tend to not do), one must be aware of the need to allow ones certainty about the market to vary over time and over the pattern developments – right now however, things are significantly clearer in the Bovespa Index than they’ve been in quite some time.