Last week the 50% Fibonacci retracement of the larger downtrend from April 2011 high was hit. A pullback towards the neckline support can be watched for a new entry.
The measuring objective for this reversal pattern is approximately $77.77. If the target is reached EWZ would be very close to the highs hit in the period from late-2010 to early-2011. The high during that period was $81.76.
Lower targets can include $68.40, the 61.8% Fib. retracement level, followed by $73.60, the 78.6% Fib. level. (www.etf-portfolios.com)