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23.05 Russian Stock Market Update

I start a regular update on the Russian stock market as I think it will be a fascinating story in terms of Elliott Wave counts and, potentially, earning opportunities at some point.


Russian market is experiencing a bounce despite doom and gloom of sanctions mainly on the back of ruble appreciation. The move, however, looks complete by now.


RTS denominated in USD, Daily

Ruble denominated Russian Market index (MOEX) has not moved that far up and has been consolidating since late Feb.


MOEX, Ruble denominated, Daily

That makes me conclude that we will have another wave of sell-off to new lows, that may give grounds for the following scenario where current wave is the last one in the giant abcde expanding traingle in wave b (cricle) which should be followed by a steep c (circle)


RTS denominated in USD, Weekly

Regards,

Denis

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