EWZ Brazil ETF Weekly Chart Rolling Over

EWZ Brazil ETF weekly chart clearly showing a downward channel in place since the Halloween top with lower lows and lower highs ever since. Price has also now lost the lower trend line as well which is ominous. Next week bulls will need to see price jump back up inside the lower rail but the end game is already here, EWZ is rolling over. The downward channel projects 68-69, as does horizontal support, as also does a gap fill. Thus, this confluence at 68-69 is a strong magnet pulling price down.

RSI at 50.09 trying to hang on by a thread. If you see RSI move sub 50% level then you know more selling is ahead. EWZ has rolled over and should trend sideways to sideways down the rest of the year. Another pop up into the rising wedge to set up another top at 77-78 in this near term is not unreasonable, and would provide a second chance to jump ship should it occur, but, the path of least resistance is down here on out. Ominous gaps require filing down in the 50 to 60 zone. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.