A short-term price low was expected for EEM around now and looks to be in place.

Short-Term (days/weeks) : positive for EEM
EEM was higher last week, like developed equity market indices as EEM Daily
OB/OS momentum turned positive.
At the close on Friday, EEM was testing trend resistance from the January high;
Daily OB/OS momentum was modestly overbought.
A short-term price low was expected for key US equity indices and EEM around
now and looks to be in place.
DJIA/NYSE ITI and US Pre-Election Year analogs still look relevant and still point
strength to late April for US equity market indices : see analog charts, pages 2-3.
This should be bullish for GEM equities.
See Daily OB/OS Charts, attached, page 9.
Intermediate-Term (weeks/months): positive
GEM intermediate breadth and momentum indicators were all higher or unchanged
week-on-week at the close on Thursday:
 Hang Seng, Taiwan, Korea, Singapore and India Intermediate Term Indicators
improved and
 Money Flow of the Average Hang Seng, Taiwan, Singapore and India Stock were
unchanged.
GEM equity indices were almost all higher week-on-week at the close on Friday,
including MSCI Emerging Markets (EEM), Hang Seng, HSCEI, Shanghai, ASX,
Korea, India, Taiwan, Jakarta, Philippines and Singapore.
Several indices accelerated higher including EEM, Hang Seng, HSCEI, Taiwan,
Korea, ASX, Jakarta, Philippines and Singapore. Turkey, Bovespa and
Johannesburg fell. See Weekly Charts, attached.
Accelerated improvement in EEM accompanied by higher or unchanged GEM
intermediate indicators suggests a positive intermediate outlook for GEM equity
indices.
Key take-away: the inter mediate outlook for GEM equities (weeks/months) is
positive.