IBXL trade ideas
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.
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!
