Significant Low for Latin America ETFs

The enclosed comparison chart shows several Latin American ETFs. Let's notice that the iShares MSCI Mexico Index Fund (NYSE: EWW) chart shows a high-level bullish consolidation pattern developing. My near-term work indicates the EWW put in a significant low coordinate this morning at 60.15 within the coil, on the way to revisit the top of the pattern at 62.50-63.00 next.

Just beneath EWW on the chart is the iShares S&P Latin America 40 Index (NYSE: ILF), a broader Latin American ETF. My work indicates the ILF has ended a complex 3-month correction from its 54.87 to today's low at 50.11, where it has pivoted sharply to the upside off of both its sharply rising 200 EMA and its 9-month up trendline.

If today's low and upside reversal is as significant as my technical work indicates, then the ILF is in the very early stages of a new upleg within its longer term bull market.


  Matched
x
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!