A very interesting trade you've identified here, Three-Day. Yes, at some point this has to bounce. My concern is that a lot of the RSX action is Trump-fueled, and there has been an amazing amount of strength in different sectors (not to mention the general indices) on the Trump win of the presidency (a win, not at all in the popular vote, but in the Electoral College).
Moreover, some of the articles at SeekingAlpha on Russian stock market (see SA articles for RSX or ERUS) make that market look bullish on several fundamental points (like P/E)....
Technically, though the RSX looks overbought on its RSI, the volume on all these recent green days has been very robust. And the Wilder ADX for the RSX shows a "strong trend" in positive direction, with the leading green-line indicator way up at 52 and showing no signs yet of coming back down to rejoin the black line (at 30).
So i'm thinking of putting in bids for RUSS down in 6.40s.... I think the momo traders could run higher with RSX in this bullish trend that smacks (imo) of no small amount of "irrational exuberance" about the markets.
Having said all that, i hope RUSS has a beautiful bounce starting TODAY for all of you folks currently in it!
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