I don't like the pattern at all in RSX .
In a period where it supposed to be rising RSX broke the cycle low.
Likely , the decline will steepen into late August , Early Sep where we will potentially see by then a deficient rally and then a correction again going into next year.
Overall I don't like at all and I believe this cycle is in the early stages of a L-H...
Fading the down move here with a put diagonal ... .
Max Loss on Setup: $350/contract
Max Profit on Setup: $100/contract
Break Even: 20.50
Notes: The natural alternatives would be to sell the 30 delta short put or go synthetic covered call via a 70 delta shortie ... . I'm looking for a 3.50 fill, but the setup may need some adjustment at NY open, since...
Definitely a complicated political play but from a TA perspective the Russian economy has broke a long downtrend. Assuming nothing crazy happens politically, I think this trade presents an attractive risk/reward.
Nice long set up for rest of year, wit RSX Russian ETF. Showing on chart is a bullish pinbar three candlestick pattern, which completed this last week. 1st resistance target is $22.00, which not be hard to hit this year
Deep in my heart I am a contrarian. Whether its investing or anything else, usually I like to take the opposite side of the consensus. For this reason, I have been attracted to the Russian stock market for a couple of years. I'm a big reader of Jim Rogers, and I listen to any new YouTube video he appears, and he initially got me started in Russia in 2015.
The Russian stock market index ETF is acting strongly. I think we can expect continuation of the uptrend within a couple weeks. So, try to go long on dips if not already in. I'm long using $EEM personally, but, both are good now. Longer term, the trend could evolve into a monthly rally, so I wouldn't want to miss it early on.
You can see how the trends acted and...