Big base breakout for Belgium (EWK)

"The bigger the base, the higher in space."

The iShares MSCI Belgium Index Fund ETF (EWK) has completed a bullish breakout and successful retest from an early-2018 to late-2025 big base. Continuing to hold the 23.23–23.00 breakout zone would keep the pattern bullish with upside potential beyond the 2007 peak at 28.64 toward the big base pattern counts at 32.00 and 34.00.

Rising 13-, 26-, and 40-week moving averages at 23.40, 22.78, and 21.83 reinforce the breakout and the prevailing uptrend.

Additionally, EWK is forming a potential 2024–2025 head-and-shoulders bottom relative to the S&P 500. A breakout from this pattern would confirm a shift toward leadership for EWK.

Chart 1: iShares MSCI Belgium Index Fund ETF (EWK) (top) and relative to the S&P 500 (bottom)