Double bottom for Columbia (COLO)

The Global X MSCI Columbia ETF (COLO) has achieved a bullish breakout and retest from double bottom of its 2020 and 2023 lows. While there is tactical support at 38.20, this positive setup remains in place above 35.40 with upside potential to 46-46.60 (2018 peak and the 38.2% retracement of the 2010 to 2020 decline) and then higher to 53-56 (double bottom pattern count and 50% retracement).

Rising 13-, 26-, and 40-week moving averages from 36.89 down to 32.45 reinforce this bullish backdrop on COLO.

Our January 13, 2026, Charted Market Insights flagged a bullish breakout and retest pattern for iShares Latin America 40 ETF (ILF).

Chart 1: Global X MSCI Columbia ETF (COLO): Weekly chart

In addition, COLO has completed an early 2023 into late 2025 bottom relative to the S&P 500 (SPX). This supports the case for a shift to leadership for COLO relative to the SPX.

We also highlighted a similar pattern for the iShares MSCI Emerging Markets ETF (EEM) relative to the SPX in the January 13, 2026, Charted Market Insights.

Chart 2: Global X MSCI Columbia ETF (COLO) relative to the S&P 500 (SPX): Weekly chart