I have to thank Jonathan Lebed for sending out RUSL as a play. I did not know about that ETF but it is essentially a trip junior (Russian market is much smaller than the US equity market) oil/commodity play. Over the short term I expect it to bounce up even more than JNUG in terms of percentage. And while I did not get Lebed's email until after the initial double had already occurred, we got a nice pullback yesterday which hopefully will stretch into today and end somewhere in the $2.60 range (gap fill) or @.50 (61.8% fib).
I have to model the recent collapse as a W3. Thus, I model a bounce to the prior 4th ($8.50 range) and then another final plunge into black 5. That can be a failed 5th by holding at the lower rail or in can find a lower low. But after that there will likely be a super powerful recovery through 2015 that could make astronomical profits. The level of the prior 4th in this case is $60 folks.
If RUSL goes to $8.50 in 3 waves to fill the gap there, then sell and count 5 final small waves down into early January. After that happens it becomes a buy and hold - like a call option with a very long expiration.
This is yet another opportunity to test W3.
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