By Mike Paulenoff
Let's notice that at yesterday's low the iShares Emerging Markets ETF (AMEX: EEM) was 10% of its October low, compared to the SPY's, which at yesterday's low were about 1.8% off of October low. In addition, the pattern carved out from the Oct 27 low at 18.90 to the 27.63 high on Nov 4 exhibits a very bullish structure, which was followed by a correct pattern into yesterday's low. Taken together, my pattern analysis suggests strongly that the EEM has entered the very early stages of a new upleg that has as its first target a test of the November resistance line now at 24.75.
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