FXI: Update

(Click On Chart To Enlarge)

The FXI broke down below the Symmetrical Triangle (blue) on March 6, rallied to the downtrend line (dotted black) off the Halloween high and failed, then continued lower toward to the 116.54 target IN PLAY. The target didn't get MADE and FXI reversed higher, back above the breakdown, so that target goes ON HOLD. Notice that the FXI rallied almost exactly to old resistance on April 7, sold off, and is moving higher again. The overall pattern is looking like a Bullish Inverse H&S (if so, we're in the Right Shoulder here). If the FXI can break out above 151.54 (the April 7 high) and hold it, that would spring a Bear Trap on anyone who sold or sold short the March 6 breakdown.