First as a Brazilian, a quick overview of our politic scene: Paulo Guedes, the guy in front of our economy is educated by the university of chicago, known as being very much in favor of liberalism. That's all Brazilian need to grow. Control the fiscal debt, control inflation (It's controlled), keep interest rate low (it's the lowest in history of our country) and give power to entrepreneurs (Thats where Paulo Guedes come in).
So I'm all bullish with REAL (BRL), not just with technical analysis, but with fundamentals also.
Talking about the chart above. It presents a FLAG and elliot wave with the first pivot just confirming it self. Next target in the green circle.
In my profile you will find a lot more about brazilian stocks, and if there is something that is going up this year, i would bet in Brazilian stock market. And you can invest in Brazil, buying ADRS!!! So take a look at it!!!