EWY is currently around 180. It has just pulled back from a recent high at 183.6, so I won’t chase it here.
The four-hour structure hasn’t really broken: the past six four-hour candles net gained more than one and a half points, and the daily chart has also turned back green. But in the short term, the momentum is clearly loosening. The 15-minute price has already dropped and is lying below the 20 and 50 moving averages, grinding downward while staying close to the MAs. The downside hasn’t expanded, and the momentum is retreating.
The order book also points to the issue: the depth of the buy-1 and sell-1 limit orders is less than 60%, and the sell side is clearly thicker. The spread is tight, but the support beneath is not deep. This type of order book makes price movements downward more sensitive; for upward moves, you need fresh buy orders to push.
The contract-side data is a bit mixed: open interest increased by more than four points over the past seven hours, and the percentage of aggressive buy volume has risen to 56%, suggesting funds are taking positions at lower levels. However, the large-holder accounts’ long ratio dropped by nearly 8% over the same period—large accounts are quietly reducing longs. “One hand is buying while the other is pulling back.” This isn’t a clean signal.
So my stance is to stay on the sidelines. The trend hasn’t broken, but the short-term momentum, order-book depth, and the direction from big holders are all fading. Chasing longs here doesn’t offer good risk-reward. If you want to enter, wait for price to reclaim the 15-minute moving averages, or consider it again near a retest of the 177.5 low where there’s support. If you already hold longs, don’t stubbornly hold hard while price is below the moving averages.
#ewy $EWY
The four-hour structure hasn’t really broken: the past six four-hour candles net gained more than one and a half points, and the daily chart has also turned back green. But in the short term, the momentum is clearly loosening. The 15-minute price has already dropped and is lying below the 20 and 50 moving averages, grinding downward while staying close to the MAs. The downside hasn’t expanded, and the momentum is retreating.
The order book also points to the issue: the depth of the buy-1 and sell-1 limit orders is less than 60%, and the sell side is clearly thicker. The spread is tight, but the support beneath is not deep. This type of order book makes price movements downward more sensitive; for upward moves, you need fresh buy orders to push.
The contract-side data is a bit mixed: open interest increased by more than four points over the past seven hours, and the percentage of aggressive buy volume has risen to 56%, suggesting funds are taking positions at lower levels. However, the large-holder accounts’ long ratio dropped by nearly 8% over the same period—large accounts are quietly reducing longs. “One hand is buying while the other is pulling back.” This isn’t a clean signal.
So my stance is to stay on the sidelines. The trend hasn’t broken, but the short-term momentum, order-book depth, and the direction from big holders are all fading. Chasing longs here doesn’t offer good risk-reward. If you want to enter, wait for price to reclaim the 15-minute moving averages, or consider it again near a retest of the 177.5 low where there’s support. If you already hold longs, don’t stubbornly hold hard while price is below the moving averages.
#ewy $EWY