On Brazil and the EM vs. DM divide: Is $EWZ telling us a different story?

Been watching $EWZ a bit more closely lately, currently trading around 33.77. There's a narrative out there that EM equities are due for a significant rebound, especially with the dollar potentially topping out. The argument often centers on valuations being much more attractive compared to developed markets, coupled with improving fundamentals in some key regions.

However, I find myself questioning how much of that is baked into the cake, or if the discount is genuinely justified by underlying structural issues that aren't going away overnight. Brazil, specifically, has its own set of political and economic challenges that could cap any significant upside, even if the broader EM tide turns. The volatility we see, even on intraday moves like today's 33.565 to 34.065 range, suggests a lot of uncertainty is priced in. Are we just seeing a dead cat bounce in some of these EM plays, or is there genuine conviction building? I'm inclined to lean towards caution. Change my mind.