Russian Index - RTSI

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.

Two ETFs - EEM (Emerging Markets) and EWA (Australia)

This post analyses iShares MSCI Emerging markets ETF and iShares MSCI Australia ETF. The probable count shows the possibility that the down trend that started from May 2011 for EEM and  April 2010 for EWA may be nearing completion. Of the two ETF's EEM is showing clearer counts. EWA may still be in wave iii,  and may have another leg down as an alternate count. However the probability of a change in trend calls for caution with shorts.

EEM

EWA

 

Copper - Another channel, another long term trend line

This is in continuation of my earlier post on Copper, posted here on 12/10/2015.  As it happened, August low was broken and the detailed wave counts shown there for wave C became invalid. However I am still going with the long term A-B-C corrective wave count starting May 2006. The detailed count for wave C has however changed as shown in the chart below.