The volume today in the Russian ETF was over 8 times the average daily volume over the past 200 days.
Backing things out we see that the Russian ETF prints a yearly low every 9 – 15 months. December is month 9.
The Russian ETF tends to print an intermediate cycle low every 15 to 24 weeks. This week is week 20. And the RSX is in the process of printing a bullish reversal.
The RSX prints a daily cycle low on average every 15 – 24 days. Tuesday is day 21 and the RSX printed a bullish reversal on historic volume.
The RSX is in the timing band for a daily, weekly and yearly cycle low. A break above 14.97 forms a swing low, signaling a new daily cycle. Russia delivered a surprise by raising its interest rates from 10.5 % to 17 % to shore up the ruble and defuse the currency crisis threatening its stricken economy.
That move may have just put a bottom to this drop.