IBXL
IBOV Should Find support at 55816After an ending diagonal that behaved like expected (sharp reversal after it), Ibov should find support at 55816. The main reason for this claim is that this support area is historically important. RSI should reach the uptrend support, and bounce up (any break of this level (33%) on daily RSI (14,close) should be interpreted as a first sign that the uptrend is weak). The other important point is that this support (55816) is the level of 38% of retracement for the major rally that was in place after brexit referendum.
The reason i think we should be cautious on trade this situation, is the FED possible rate hike, with next important meeting being at Sep 21. As IBov traders may know, american markets are a main driver of Ibov so i would wait to see what will happen after the meeting to take a more consistence decision. My bias, therefore, is Neutral to Long.
strong correction aheadCorrection at IBOV, with a estimated fall of 4.7% approximately giving a 50% retrace of previous rally.
Downtrend Back Again on IBOVESPA After a nice rally (see related idea), downtrend back again on IBOVESPA
Signs:
-Hook and crossover on overbought region of StochasticRSI;
-MD down closed on RSI (white circles);
-Marubozu candle at top of rally, followed by bearish candle indicating exhausted rally;
-Price hit a conjunction of important trend lines, on a region of resistance;
Trying to catch reversal on Brazilian IndexWell, i believe that the dashed green line is a major support. Its a region of plenty RSI's UP MD (historically) and the dailly RSI is reaching the support of up trend. Its also the region of bottom of Wave 4 of the preceding rally. A look at the higher time frames will show that this is in fact a region of reversion, specially reversion from downtrends and corrections. There is a little more fall to occur, and i would watch for minor signals of reversion before a entry ( i may add charts of smaller timeframes in comments sessions) if the prices really reach this region. Targets are showed by green arrows (8,9% first and 11,8% then).
Give a look at my previous related idea on IBXL ().
Technical analysis is a matter of probability, it is not deterministic, i might be wrong, and if i am, i will stand corrected.
Huge flag on ITUB4Simple idea. There is this big flag, and price is reaching the base of this sideways channel. Two entries are showed on the chart, in case of being stopped on entry 1. Im bullish on bovespa, so i think this is a great opportunity and ITUB4 is one my favourite stocks to watch and trade.
Thanks
Wave (2) on IBXL (Brazil 50 Index)At first i thought that wave (2) already had happened, but i changed my counting, and think that it is about to happen on next days or weeks. Three other technical signs agreed with this idea: the divergence of momentum indicators (indicated by purple trend lines), overbought condition on them as well and the fact that price is hitting a top of major channel. I already closed my positions.
IBXL wave two of a kickoff wave one (Brazillian Index)Until Feb 2016, Bovespa still was on 2008 correction, believe me or not. But i do believe that correction has ended, and in the last days we had a kickoff for a longer uptrend. For now we will have a minor correction, for a wave two.
Again, sorry for those who don't care about bovespa.
FORA DILMA!
LEVE O PT E O PSDB JUNTO!
Wave 3 of (3) on ITUB4Itub4 (itaú unibanco) is great for counting waves. I think we are before a great opportunity, entering in a wave 3 of (3).
