Brazil Bovespa

Brazil is an interesting market as it has performed best, at the same time a major US stock market correction without one in Brazil appears unlikely. A global slowdown not affecting it? So I look at the structure at each stage and think about the odds. Moving away from my more bullish view on it last month till we get more evidence. Now you will remember my calling it 5 waves at the start of 2017 and 2018, where we had 5 waves or nine waves, and a double top at 13 waves. Now again at 5+4+4+4 we have 17 legs to the move that can make up an impulse with extentions. This as prices are close to the trendline of the previous two highs, a good level for this entire move to complete if it has to. 104115-91000 is the top and bottom trendline, and rising. Failure to breakout of the upside and an eventual break of the downside would confirm this scenario.