$EWG Revisited: Is The German Country Fund a Buy Now?

With many pundits suggesting that the VW debacle, and the refugee crisis putting economic and deflationary strains on the EU-- requiring Draghi to consider more intensive QE-- the action lately in the iShares MSCI Germany (EWG) is a bit disappointing (to the bulls).

The EWG continues to circle its Oct 2011 support line, now in the vicinity of 24.75, which means the price structure is trading below the 4-year up trendline.

Inability of EWG to claw its way back above the support line during the next few sessions will increase the likelihood of "disappointed" long liquidation, in which case, EWG will be vulnerable to a press into the 21.00 target zone.