Yesterday, I posted the bullish chart of the iShares MSCI Emerging Markets ETF in US dollars breaking out to new all-time highs. When denominated in Euros, EEM has also been making a series of higher highs and higher lows over the last 10 years, but the breakout is less clear. There is an ascending triangle pattern forming but there is still resistance overhead. Interestingly, a similar pattern formed from the 2000 top to the 2007 top which broke violently lower during the 2008 financial crisis. It may turn out different this time, but price EEM in euros still has some work to do before getting the all-clear.
I am watching Europe and Emerging Markets for signs of life and if we get breakouts in either region, I will take a position in the Active Asset Allocator. Stay tuned.
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