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Significant Low for Latin America ETFs

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Significant Low for Latin America ETFs By Mike Paulenoff, www.MPTrader.com an AdviceTrade.com publication

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.

For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. (https://www.mptrader.com/reg/mmm)

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