Ibaa
Brazilian Bovespa Index: Long Term Fairly high probability we see the Bovespa index trade to the downside. This is a great trade because it presents us with multiple opportunities if the stop gets triggered (with a close on the weekly time frame).
Pay Attention to the correlation between USDBRL and Bovespa Index - extremely important as Brazil´s equity market has proven to be extremely sensitive to its currency (for now). Notice Brazil trades lower when BRL weakens ' quite the opposite with other markets, such as the Nikkei and the Yen.
If we see the 3.20´s get hit while the reaching resistance in the Bovespa it should indicate a great entry. (Though this is usually unlikely to occur at the same time.)