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By Mike Paulenoff, www.MPTrader.com
Let's notice that at yesterday's low the iShares Emerging Markets ETF (AMEX: EEM) was 10% of its October low, compared to the SPY's, which at yesterday's low were about 1.8% off of October low. In addition, the pattern carved out from the Oct 27 low at 18.90 to the 27.63 high on Nov 4 exhibits a very bullish structure, which was followed by a correct pattern into yesterday's low. Taken together, my pattern analysis suggests strongly that the EEM has entered the very early stages of a new upleg that has as its first target a test of the November resistance line now at 24.75.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
