I remain bullish on Brazil...
As most of you following will already know I have been calling for a BRL correction since last year. This has been a classic 5 wave sequence unfolding at the August 2018 highs. Since then we have formed the A and B leg of an incomplete ABC count which will ultimately target the 3.50 lows. That will include the ABC target as well as the 61.8% retrace of the Vth wave rally into Q3 last year.
All near-term rallies should be sold into, we should not really go much further than 3.945 as downside momentum is picking up.
Initial focus on 3.64 - 3.59 with scope to eventually crater down towards 3.49. The view will need reassessing should be break above 3.945.
Best of luck all those trading the BRL correction.
All near-term rallies should be sold into, we should not really go much further than 3.945 as downside momentum is picking up.
Initial focus on 3.64 - 3.59 with scope to eventually crater down towards 3.49. The view will need reassessing should be break above 3.945.
Best of luck all those trading the BRL correction.
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