The weakening of the Real will likely bring further losses in this index. A strengthening of the Real will continue to bring gains in the Bovespa index.
See correlation in chart below. It's been statistically significant for 16 years, and is ongoing.
ノート
Where I see the Brazilian Real reversing.
ノート
Monitoring for counter-trend trade. looking to go short. Expecting a break of the black trend line.