RTS. Russia is going to benefit from bottomed oil price.

INDEX:RTS   Russian RTS Index
Looks like multi-year downside correction is over.
Target for wave C = 1259-1437 (1.272-1.618 of wave A).
Let me take a look.
I think there's plenty of downside in oil still though.
IvanLabrie PRO IvanLabrie
aibek IvanLabrie
Mucho gracias amigo!
IvanLabrie PRO IvanLabrie
Had a significant drop so far, I think the downtrend is starting, similar to all other stock market indices.
aibek IvanLabrie
Hola amigo! Thanks for like and comment!

Wave C of correction already exceeded the 1.618 ratio down compared to A.
I think we are somewhere at the end of corrective downmove.
Best wishes!
This is a pattern that I think won't work too well with traditional Elliott Wave, hence my disagreement, but there is a nice setup, to long oil and short S&P500 due to the extremely wide spread (I'm short both though)
aibek IvanLabrie
Thank you for sharing your setup! Let's wait and see!
+1 Reply
Thanks for reminding me of checking this one. It's interesting, but I'm not trading it.
Hello, Aibek! Thank you for a chart. And what is about big picture here? I see that C wave is over near 600. So, thats next - 5 waves upward or something else?
aibek FreshOilTrader
Hi, Vladislav! Thank you for like and comment!
It could be 3-3-5 model. We are in a C of larger (A). Then we can see a pullback in wave B and only then we can see 5 waves up in a large C.
Watch oil it will show the way.
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