In 2013, EEM went sideways into the end of the year before dropping big.
In 2014, EEM had a rebound into the end of November before dropping big.
In 2015, EEM had a rebound into mid November before dropping big.
I'm looking at relative strength here for clues, and it seems like domestic markets are going up and hitting record highs while emerging markets are dead in the water due to rising rates. Gold is getting killed too which is always indicative of tightening liquidity. From my view, the US markets are benefiting from major asset allocation flows from the bond to stock trade. Rising yields in treasuries are pulling money away from the overseas markets because USD is still the top reserve currency in the world. Emerging market debt has been getting roasted as seen by EMB and EMLC. I see a slam dunk trade coming up with EEM being a big short ahead of the Fed. VIX is at 12.
VXEEM is at the bottom of a range. I think it's game over soon for the EEM.