Exposing Ideas to the Envelope of Serendipity

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Wednesday, May 25, 2011

Bullish Setup Emerging in EEM

The lovely descending wedge I've had my eye on in EEM over the past couple of weeks continues to set up very obediently, although the required upside breakout for confirmation has yet to occur. Adding to the potentially bullish backdrop here is a possible island reversal off the recent low -- which perfectly tested prior descending trendline support. At this point, this is still in "watch" mode, but the potentially bullish pattern coupled with today's bounce out of short-term oversold conditions merits merits a spot on the radar in the days ahead.

Trade well.

-- Brinkley
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