Squawk / 07 September 2016 at 20:42 GMT
EEM, again it is a bit tricky. But it is currently testing the $38 level which is key. The icing on the cake is a possible time alignment. Currently we however need this to stick to "confirm" the cycles. Often a break higher out of a structure like the one we have seen from August 15 to August 31 perform an extended cycle! So EEM could easily continue higher taking out resistance. $49 would in such a case be the next large resistance level from a longer term perspective.
10 September
Johan Berntorp Johan Berntorp
So, there is reason to believe there is some validity to above mentioned cycle. If there is the advance off the January lows could be over and a larger pullback has commenced. In any case, longs now want a break above the recent high or an orderly pullback to an area of support that could provide good r/r.


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