The Bovespa index’s drop of 7% so far this year virtually “destroyed” the 2012 gains of 7.4%. In this up and down movement, the index seem to be on track to repeat its “sideways” move, with no direction on site. The index lost about 14% in its last 12 months (see chart below from Estadao).

Now, the fun part.

Last year, the optimistic analysts at the brokerage arm of Banco Votorantim projected the Ibovespa at 85,000 points by the end of this year, a gain of about 40% over the last trading of 2012, which ended at 60,954 points. See other projections below:

Now, the iBovespa needs to rally almost 50% to get to Banco Votorantim’s comic projections.

What is the likelihood?

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