Saturday, September 06, 2008

EWZ: it may drop further down

P&F chart:

ewz-pf

Weekly chart:

ewz-weekly

No sign of bottom yet!

Daily chart:

ewz-daily

$72.5 is a resistance now.  Later it is safe to short it everytime RSI14 reaches 50 and RSI becomes overbought.

Long-term wave structure:

ewz-wave

Wave 3,4,5 on the weekly chart:

ewz-wave-w

PLAN: Close the position as soon as wave B is finished (not started yet); short it.

60-min chart:

ewz-60m

The plan is written on the chart, and the success rate is VERY HIGH!

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