EWZ, FXI updates 10/17

EWZ: Counts best as having completed a major-1 (alt: Primary I) high recently and is now in major-2/II. Although price already retraced 50% of 1/I, which is enough for a 2nd wave, things would look much better with a b-wave up, which would otherwise be lagging. This b-wave should reach around $40-42.5. A move over wave 1/I high will most likely mean wave 3/III is underway. Can always become an irregular flat where b=a or even b>a, but I wouldn’t count on it. In the case of a regular b-wave, then we should look for wave-2/II to reach around $25.

ewz

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FXI: A decade long consolidation is always hard to correctly count and forecast,  so where stuck with two options. The consolidation is a B-wave or we have a long drawn wave 1, 2 setup. As long as price remains in this consolidation pattern/box it’s anybody’s best guess. A break above the spike highs in 2015 and 2018 would really help establish the 1,2 count, while a move below the 2011 and 2016 lows means Primary B has topped and C is underway to complete Cycle 2.

FXI