Direxion Daily Russia Bear 3X (RUSS)

[THREE-DAY-TRADER]

You can see WTI Crude Oil receding from earlier highs as an added reason to think this is RUSS is close to short term capitulation. I think (as said earlier) that Oil is near topping out & that the weekend news of non OPEC members agreeing to some cuts is being over hyped.

I'm gonna stick to what I basically said since Friday, that RUSS should be done going down most likely no later than this Mon-Tues for short term & that 21 or approx lower 21 area on RSX is likely a top area.

Your 22-24 fear occurring I think is a consideration to worry about at some point, but is more applicable to the next leg up phase after this thing first has a pull back (such as at least toward 20 or 19).
RSX has been crazily upward parabolic too quickly in past few days.
We'll see what happens yet. But I just think this RUSS is due up here from 6's approx for a decent trade back toward upper 7's, maybe 8-9.

It could turn out that your original speculation to wait for 6.40, etc, may be approx correct for entry.
That said, I think RSX might not have been up today or not up as much as it has been today (with RUSS bottoming last Friday near 6.80's), had it not been for that surprise news Sunday from the non-OPEC members agreeing to some Oil output cuts.