For those who care about the brazilian market, the analyst of the firm I work for just stood up on the trading desk and oficially announced the reversal day today. Im puting on the records here to give the fellow members a chance to follow this prediction over the next days and weeks. I going to post a daily chart when I get the chance, very busy right now.
It didnt bottom, its far from a bottom... IBOVESPA SAO PAULO (Sao Paolo: ^BVSP) Index Value: 60,891.42 Trade Time: 11:23AM ET Change: Down 214.80 (0.35%) Prev Close: 61,106.22 Open: 63,467.22 Day's Range: 60177.18 - 61600.61 52wk Range: 44,938.00 - 73,920.00 down about 18.5% from its highs but still up 500% from just 5 years ago. This market has plenty of room to fall, I think falling below 50,000 is certainly a possibility over the next 2 months.
While that looks like it's approaching the bottom portion of a bullish channel, what's going to stop it from falling -10% right through the channel making it a true bear market?
Nao estamos a dizer que vai cair ou subir. Apenas que e um pouco cedo para vir aqui e declarar que nao baixa mais. Quem sabe? Na minha opiniao, e melhor esperar 1-2 dias e ter melhor ideia.
ok obviously not a reversal day, but I am confident we are very close to the bottom and 2 or 3 days from the beggining of a quick 10% surge. Lets see, his tools predicted very precisely all the weekly bottoms of Bovespa for the last 4 years. And you guys are being too harsh on someone you don't even know, I didn't know this board was so much against technical analysis.