The relationship between Turkey-USA is eroding. The Turkish Lira is sinking. $TUR, an ETF of the Turkish equities market has also been tanking.If you pay attention to the news, you would probably not touch TUR with a 10-foot pole. But a contrarian might be licking his/her chops right now. TUR Daily Chart(click to enlarge)Capitulation?- As we can see on the daily chart, TUR has been on a downturn since the beginning of the year. - Throughout 2018, price dipped from a high of almost $47 to a recent low around $18.88.- This is just above the 2008-low.- We can see that the pace of decline accelerated in August. There was a price gap and a lot of volatility and volume. Indeed, Turkey was in the headlines a lot recently. - I think after the latest push, price will consolidate here between $18 and $30, which is what happened here in 2008-2009 when price came down to almost $18. TUR Weekly Chart(click to enlarge)