Trying to catch reversal on Brazilian Index

Well, i believe that the dashed green line is a major support. Its a region of plenty RSI's UP MD (historically) and the dailly RSI is reaching the support of up trend. Its also the region of bottom of Wave 4 of the preceding rally. A look at the higher time frames will show that this is in fact a region of reversion, specially reversion from downtrends and corrections. There is a little more fall to occur, and i would watch for minor signals of reversion before a entry ( i may add charts of smaller timeframes in comments sessions) if the prices really reach this region. Targets are showed by green arrows (8,9% first and 11,8% then).

Give a look at my previous related idea on IBXL (tradingview.com/chart/IBXL/AwpfQ6W2-Wave-2-on-IBXL-Brazil-50-Index/).

Technical analysis is a matter of probability, it is not deterministic, i might be wrong, and if i am, i will stand corrected.

交易开始

First try to be long on ibxl. Price did hit the green dashed support and just reversed up. See chart below in comments session.

注释

white channel will probably work as a resistance (see chart below).

交易手动结束

Well, none of my targets were reached, but it was a pretty good call anyway. Now i think it will resume correction. Now we have a well defined down channel, which give us more reliable targets.

My perspective for Ibovespa from now on: