in my experiencie, no!
since 2016 the brazilian market is in a bull move.
using the bottom ant the top value we have a great valorization and using Fibonacci retraction, we could be, yet, in a bull moving market, with the price touching the blue, green and the yellow line in my 240 minutes graph.
to be more especific, we could buy in this position, because, although you do not like to use fibonacci but like to use other technical indicators, such as and , you can see that the market is in a clear upward trend and only a serious confirmation of a pandemic could change these directions, which until now does not seem to be the case, since the covid-19 movement is still in the direction of fear and not confirmation of a serious health crisis.
so, lets use our money in a smart move, lets buy BRAZIL, because its cheap and dont panic with news; use our technical analisys and lets wait until the real confirmation about this "health crisis".