Macro Monday 57 - Venezuela Update ( 5 charts)
Macro Monday 57 - Venezuela Update
I'll have more charts for you over the coming week but feel this is an important event that could help shape South America's economic trajectory over the coming 5 - 10 years
Last week I shared the country that has the largest oil reserves in the world, Venezuela.
I noted that Venezuela stands at a critical juncture, with the potential for a historic return to democracy by way of national election on 28th July 2024.
Unfortunately, the authoritarian socialist incumbent President Nicolás Maduro appears to have "claimed" victory in the election, amidst many observations of election fraud and interference.
At present the people of Venezuela have taken to the streets in protest, are toppling Maduro's statues and demanding him to leave office. Only an hour ago reports of counter forces apparently breached a barricade to Maduro's home.
Many world leaders have called out Maduro on what they see as a false election victory. The international pressure is mounting on Maduro's régime. The world recognizes the violation of the peoples choice.
The election might look like its a major loss for the people of Venezuela, however it appears to have invoked an incredible revolutionary type response from the people, it has captured the worlds attention, and the attention of the likes of Elon Musk and Javier Milei (Argentinian President) both calling for Maduro's exit. In response Maduro has called out Elon Musk, whom he calls his "arch-enemy" since his post earlier today. Clearly threatened, pressure is mounting on Maduro internally and from the International community.
The election results could be the tipping point for the Venezuelans , it appears that change is in the air in and a new dawn is approaching with the world backing the Venezuelans who have clearly had enough.
Lets hope for as peaceful a transition as possible. If successful, the country with the largest oil reserve in the world, that was once twice as rich as China, 4th ranked world economy (1st in Latin America), can return to its former glory.
If such an event were to unfold, Venezuela, IMO, could lead South America out of a developing economy to a booming one within the decade.
Charts in South America
Please see South America and all its compressing pennant formations and ascending triangles. Few cup and handles too at present Peru is a clear leader with Argentina, however it does not hold the worlds largest oil reserve like Venezuela which appears to be about to make major political change.
Chile -
ECH
https://www.tradingview.com/x/k28u8Kcf/
Brazil -EWZ
https://www.tradingview.com/x/ObQ1mVeT/
iShares Latin America ETF -ILF
https://www.tradingview.com/x/0Y6vvl9H/
MSCI Peru NTR Index (USD) -
MPU1!
https://www.tradingview.com/x/esI16Kh4/
Argentina -
ARGT
PUKA
I'll have more charts for you over the coming week but feel this is an important event that could help shape South America's economic trajectory over the coming 5 - 10 years
Last week I shared the country that has the largest oil reserves in the world, Venezuela.
I noted that Venezuela stands at a critical juncture, with the potential for a historic return to democracy by way of national election on 28th July 2024.
Unfortunately, the authoritarian socialist incumbent President Nicolás Maduro appears to have "claimed" victory in the election, amidst many observations of election fraud and interference.
At present the people of Venezuela have taken to the streets in protest, are toppling Maduro's statues and demanding him to leave office. Only an hour ago reports of counter forces apparently breached a barricade to Maduro's home.
Many world leaders have called out Maduro on what they see as a false election victory. The international pressure is mounting on Maduro's régime. The world recognizes the violation of the peoples choice.
The election might look like its a major loss for the people of Venezuela, however it appears to have invoked an incredible revolutionary type response from the people, it has captured the worlds attention, and the attention of the likes of Elon Musk and Javier Milei (Argentinian President) both calling for Maduro's exit. In response Maduro has called out Elon Musk, whom he calls his "arch-enemy" since his post earlier today. Clearly threatened, pressure is mounting on Maduro internally and from the International community.
The election results could be the tipping point for the Venezuelans , it appears that change is in the air in and a new dawn is approaching with the world backing the Venezuelans who have clearly had enough.
Lets hope for as peaceful a transition as possible. If successful, the country with the largest oil reserve in the world, that was once twice as rich as China, 4th ranked world economy (1st in Latin America), can return to its former glory.
If such an event were to unfold, Venezuela, IMO, could lead South America out of a developing economy to a booming one within the decade.
Charts in South America
Please see South America and all its compressing pennant formations and ascending triangles. Few cup and handles too at present Peru is a clear leader with Argentina, however it does not hold the worlds largest oil reserve like Venezuela which appears to be about to make major political change.
Chile -
ECHhttps://www.tradingview.com/x/k28u8Kcf/
Brazil -
EWZhttps://www.tradingview.com/x/ObQ1mVeT/
iShares Latin America ETF -
ILFhttps://www.tradingview.com/x/0Y6vvl9H/
MSCI Peru NTR Index (USD) -
MPU1!https://www.tradingview.com/x/esI16Kh4/
Argentina -
ARGTPUKA
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