Mon. Jul 22nd, 2024

iShares MSCI Mexico Investable Mkt Idx (EWW:ARCA) has tested it’s +5 year HUGE top formation breakdown line this month. A monthly close below 50 would give a measured move to a 27.50 target, bringing the price action back to early 2009 levels. Check out the monthly candle chart.

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Here I the weekly 5 year candle chart. Some noise below the breakdown line. Check this post on how to not get whipsawed by false breakout signals triggered by “noise”.

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A final zoom in on the 1 year daily candle chart. Price action trending towards the support area.

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I set my alert at 50. Will come back once triggered. Mmm, can’t wait to eat my burritos!