On the 30-minute chart of the Brazil ETF Index we have a perfect 5-3 Elliott Wave cycle. An impulsive rally from 45.77 to 50.00, followed by a very clear expanding flat correction. According to the Wave Principle, we should now expect the trend to resume to the upside in wave (3)/C. If this is the correct count, the 50.00 mark is supposed to be exceeded by the Brazil ETF index. This scenario would be invalidated, if prices go back to the start of the whole pattern at 45.77.