EEM: MSCI Emerging Markets (USD)
Despite the excitement of the last couple of weeks Emerging markets continue to remain a 4 yr-old contracting range (in USD terms).
Same for the Weekly RSI.
FXI: China Large Caps (USD)
China remains the bellwether market for EM and commodities. Key indicators like AUD, CAD, Copper, will take direction from Chinese demand.
Continues in a pennant formation, which no clear view as to which way it will break.
INP: India (USD) ETF
Indian markets are at new highs in Rupee terms. In dollar terms the SENSEX has done nothing for 4 years.
Now against long-standing resistance with an overbought RSI, the India USD ETF is at risk of an unpleasant correction.
RSX: Russia (USD) ETF
The wave count allows for further lows, but has done enough to be a completed decline. Weekly RSI is pretty oversold.
EWZ: Brazil (USD) ETF
The wave count here too allows for further lows, but when the Falling Wedge breaks this market can fly like a rocket. Weekly RSI showing positive divergence from oversold.
