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.