Once again (so far at least), we got out usual schtick from the market: green prices all over the place for absolutely no good reason, and then a reversal. It’ll be nice if it actually manages to drive lower again. I miss those days.

While we are waiting, I wanted to point out again my fondness for Brazil as a short, by way of the symbol EWZ. Here’s the pattern with its Fibonacci retracements:

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Here’s the longer-term view.

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And, stripping away the drawn objects and price data, you can see simply the exponential moving averages, suggesting the “rolling over” of the asset.

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