Eye on RSX

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Market Vectors Russia ETF (RSX) is following through on its downside path. However, so far, it hasn’t yet broken its June low of 17.62, so the potential for a move back to 19.03-19.55 in wave c of (ii) remains, which would have me looking to add to the short.

If 17.62 is broken, it appears likely that such move would find support in 17.08-17.27 range, to be followed by wave ii of (iii) up.

Whether through a high bounce or not, I think the odds are good that RSX will complete its downward pattern before expiration.


Originally published on ElliottWaveTrader.net, by Xenia Taoubina.