An inverse trip to Brazil

Brazil is known for nice beaches, women and carpirinhas.
The beautiful Christ the Redeemer is placed high above Rio.
Raging high is also the price of EWZ which is stretched more than 30 % above its 200 DMA.
It has reached 1.618 of its previous intermediate top and it is due for an intermediate cycle low correction soon.
It has met a big resistance level and its RSI indicates heavily overbought conditions.
Wait for "double top" and take position in BRZS which is 3x inverse EWZ. Recommend start with 50% position and increase by 50% after first confirmation.

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BRZS has been liquidated!
Position can be taken in BZQ instead which is 2X inverse EWZ

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I would reccommend waiting a bit before entering, today it found "support" @ the black level. I suspect it will make one final small run up to the resistance zone just to fail.
Therefore, always wait for price confirmation before entering!

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There is significant resistance meeting EWZ at these levels. It failed at the 200WA and could not make a higher high today. I suspect that EWZ can go as high as 40, up from current close level at about 38. There it meet the outer resistance band from both ATH + this yearly bottom.

I added 25 % position @ close today.

I will add another 25 % position @ 39 and another 50 % @ 40.

If we dont get to 40, I add 50 % when confirmed swing high.

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We never got up to 39-40 area.
I added today @ the close as we closed beneath the black resistance zone.
If you go now, u can still pick up some shares in the aftermarket.

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I am now 100 % invested in this position. Today after it was down 1.6 % I sold all BZQ positions and bought 100 EWZ February puts. So far they are in very nice profit.
It is a LONG way down to that 200 MA.
Stock markets have confirmed ICL decline. So will this one in a couple of days.
This trade will lead to insane profits.

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Finally a waterfall.

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We might get a testback of the breakout area. Suggest to take some profits and re-load later.

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Targets.
Bear intact.

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EWZ hit 32 premarket and bounced as expeted.