The pathway, now more than a year old, is a steady slip lower for commodity assets, represented here by way of DBC:
(Click on image to enlarge)

Considering how dependent Brazil is on commodities, I’d say EWZ should follow right along:
(Click on image to enlarge)

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Misrepresentation
Central ETF Charts (2 of 2)
Central ETF Charts (1 of 2)




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