This is what the Russian index resembles. Now it is becoming more clear what the market wants to do. It is a flat correction with A and B being three-wave structures and C being an impulse. The same picture is in UKOIL, while in USOIL the C wave looks fuzzy due to futures switchover at the lows.
In any case, once the correction is over, new lows will be ahead - not just for Russia, but for Crude and SPX as well.