There is an almost perfect 5-3 Elliott Wave cycle on the 30-minute chart of the Brazil Index ETF. “Almost”, because the corresponding three-wave correction does not seem to be completed yet. At this stage of development it looks like a running flat, but in 9 of 10 occasions the running flat would turn into an expanding flat. Wave C to the upside could find strong resistance, when approaching 50.00. The larger downtrend is expected to resume from there. This count would be invalidated, if the price of the Brazil Index ETF returns to 51.80.
