Merval: Argentina is in for a Santa Rally as well?In my previous analysis I was under the assumption that global equities were about to take a major turn south, but it got invalidated when the downtrend signal mode was breached, after a very slow trading range formed, where we saw accumulation take place.
There's still potential doom and gloom ahead, but first the Merval has to move higher to test the 3 main resistance zones on chart.
We have the Presidential Elections today, and this will be fuel for the fire that this rally needs.
Once the results are out, I'm sure that we will see a major move take place.
The direction is on chart, the first signal that I get is a daily one aiming for a rally lasting until October 31st.
I cloned the range target and extended it up, as well as adding the extreme profile balance point target, which is the highest realistic target one can aim for under my methodology.
It's interesting how connected the world economy is, globalization is a real thing, and it's fascinating how each market needs its own fundamental trigger, yet they all move in unison, despite having their own 'motivations' for it.
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Cheers,
Ivan Labrie
Time at Mode FX
Analyst at Concord Bay dot com
