Checkout The Chart: Dr. Copper Has Written A Bad Prescription

These days, it's hard to endorse ANY emerging market ETF from the long side. Head south of the border to Latin America and becomes even harder as Brazil's struggles have cast a pall over ETFs that track not only that country, but Latin America at large.Taking things a step further, it's even harder to get excited about the iShares MSCI Chile Investable Market Index Fund (NYSE: ECH) in the wake of plunging copper prices. Fears about slowing global economic growth have sent copper for September delivery below $4 per pound, well off the March peak that saw the red metal flirt with $4.60.Copper is a gift and a curse for Chile and ECH. The country is home to the Escondida mine, the single-largest copper mine in the world, and when the global economy is humming along and demand is robust, things are normally fine and dandy for copper prices and ECH.Checking out ECH's chart is an endeavor only a sadist or an emerging markets bear would enjoy. The ETF has tumbled from over $75 in early July to close around $62.30 on Wednesday. In the process every moving average and previous support zone were violated. Believe it or not, ECH's indicates there might be some opportunity for the more adventurous among us. A downtrend line that started in February and indicates support is firm in the $56 area and that is exactly where ECH bounced from earlier this week. That says even an entry in the low $63 area means the risk is to $56 while the reward is a run back to the $76 area. Seems favorable. Beyond that, it should be noted, although few of those that pontificate on ECH acknowledge this, that materials stocks account for less than 19% of the ETF's weight. And don't forget Chilean companies are required by law to payout at least 30% of their profits in dividends. While ECH doesn't have a whopping yield, it's still better than a money market.Add to that the fact that Chile does not face Brazil-esque inflation woes, but still sports a sterling GDP growth forecast and you've got the makings of a compelling rebound play here. Just check out the chart.