Brazil - One step back

This market requires taking a step back from the bearish outlook. Reason is the completion of 5 waves in a falling channel that can end a complex wave. Even if Brazil does not enter a new bull market it can do a larger degree X wave like India did breakout of the channel. C=A can go to almost the previous high. 2010-2016 has been  a 6 year bear market for Brazil. C=A would take the Bovespa back to 70000. One level to watch for failure is near 59000, that is 61.8% of the bear market.