While the world has been in havoc Brazil has started the much anticipated [by me] turnaround from long-term wave 2 to long-term wave 3. From June to Dec this market was down. The reversal should coincide with the reversal of the EM trade. Brazil went past the previous swing high marked as wave i, though we did not close above it [Dow theory reversal], we do have wave iii unfolding short term. Longer-term wave 3 would be expected to back to all-time highs in 2022.