IndiaCharts

Brazil

A week back I concluded that Brazil may have topped but there is a change. The decline did not see any follow up and so it is best considered a 4th wave correction that ended at the wave IV of previous degree. A parallel channel from the March highs fits this structure and wave 5 up can go to 69000. 

Take this view on step further, I am expecting the dollar index to start falling and commodities to rally again so EMs especially those in the commodities space like Australia Canada Russia that made a new high yesterday will go up again.

brazil-291216