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Russian RTSI index

22 Mar 2017 ‚óŹ 05:46 AM

The Russian RTSI index topped at the 38.2% retracement of the 2011-2015 bear market. The rise so far can be marked A-B-C in a channel and wave C is 5 waves, so we can consider that a bear market rally is complete and another bear phase down in wave Z will not start for the Russian market. Waves 1 and 2 down have already formed. So if another sell off starts without a new high then it would be fair to anticipate further declines down to the 600 mark again.

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