MSCI Emerging Markets ETF
The EEM or MSCI emerging markets ETF should have finally completed a 4th wave correction and started wave 5. Waves i and ii of 5 are then also complete. The move up in wave 5 can have Fibonacci ratios to the move so far that point towards it going to 62-65 from current levels [55.55]. Weekly chart
The second chart is a monthly chart and shows the big picture in which the EEM completed a multi-year 4th wave and is breaking out in a 5th wave. The recent correction was only a pullback to the breakout point and the next move higher is expected to happen from here. This chart shows the more bullish wave count that fits the big picture breakout. Marked as 1-2-1-2 it means a long extended rally ahead. The parallel channel around the lows of the triangle goes all the way to above 70. In short emerging markets face a multi-month bullish phase ahead.