Following is the weekly chart of Russia's main index RTSI. As shown on the chart the down move started from the top made in April 2011 may be a three wave corrective pattern (a-b-c), with c wave decline having started all the way back in October 013. The index may currently be in the wave (v) of this wave c, where it may be forming an ending diagonal pattern.
It is to note that RSX (market vectors Russia ETF) is also showing similar counts.
However, this is only a possibility, looking at the chart pattern till date. The Index remains in a downward trend for now and the future price action may invalidate this wave count.
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