Brazil Nicked But Not Cut

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Back on the 10th, I had offered up the Brazil fund ETF as a short idea, based on its clean pattern and neckline. Well, yesterday’s explosive rally did nothing more than affirm the strength of this pattern, because the neckline was challenged but not breached. This morning, we opened lower, and I have even more faith in this idea than when it was first suggested.


I will augment this idea with a measured price target, shown with the dotted line below. It’s just a shade under $40.