Latin America - the multiyear perspective

Just by chance, the Latin America ETF (ILF) was noted to be doing very well this week as the S&P500 and friends are given a beating. In a bigger picture perspective, a descending triangle has been formed in the last 12 years. While the upside to resistance may be smaller than previously, it is also projected that IF and WHEN there is a breakout, Latin America would do a multiyear climb to 2.5X of what it is today.

Technicals are just turning around, including a very bullish weekly candlestick last week, with MACD turning bullish.

Overly optimistic or an amazing opportunity?
I am not well versed in emerging markets, particularly Latin America.
Do share your thoughts...