The emerging markets have had a good bullish run since November with the rest of the market and it was supported by some heavy call flow recently. Now that the 53 Fib target has been achieved, I think it is time for the overall markets to consolidate or even take a leg down to cool off. I think a retest of 50 or lower is not out of the question. The maximum upside target is 55 from here, but it can kiss that only on the back of some really good news (not sure what that will be at the moment). So my money is on the downside for EEM. And given the volatility is relatively low, could be good opportunity for some cheap backratios. And consider it as a hedge against any long positions you are currently holding as well.