RTSI trade ideas
Russian RTS index: Worth to watch itLarge triangle could emerge to shape a huge consolidation.
Last wave E down is in progress. The trick is that it could be over already as last wave within a triangle could be short.
On the other hand it could retest the downside support to complete the pattern in the 650-700 area.
This option coincide with my idea that oil and ruble will drop one more time.
After that another strong passing move (impulse) could start there to reach 3000.
Russia ain't gonna die, it will be worth to buy.
RTSI is also doneRussian index is also getting prepared for a snapback rally. The wave will be X wave so you can expect it to be wild, volatile, ugly like a bone cutting saw. Or it can be a sharp, almost straight zigzag. It can be anything. You should probably stay away from trading it. I'll make a few small bets for fun.
RTS GLOBAL IDEAI'd like to share my thoughts about the current situation on MOEX:RTSI Index as a major stock indicator on the Russian Market. Since 2008 RTS moved under the strong resistance line and was lucky built a support line. Into this triangle we were moving more than 10 years and finally at the beginning of 2019, we broke the resistance line and shown the power to move forward. Now we can build rising channel since July 2014 and based on the Fibonacci line we can identify the next target near 1535 pips. This scenario will cancel if we fall below the channel around 1100 pips.
RTSI: Confirmed long term bullish break out.The Russian stock market has crossed above its long term (since 2008) long term bearish pattern this March and is currently aiming at the 1,340 1W Resistance. There is potential that the former Lower High trend line will turn into support now. Our long term target on this market is 1,500.
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