Brazil

A Year back I quoted that I would rather be Long BRIC except the 'I'. From a global perspective that was right given that the Brazilian Bovespa index almost doubled. So now when Brazil counts as a completed 5 wave rise where 3<1 and 5<3 I am concerned. Not long term but for the next year that this market could spend making a wave 2 decline maybe retracing down to the 61.8% mark near 50000.