[RUSL] update - potentially important juncture at hand.

In this post from April 15th I pretty much called the exact top on RUSL.  My initial model looked for a 50 fib pullback.



Check out the zoom in of the above.  I missed the exact top by a buck ($37 at the close of the 15th) and then the trap door opened.



In any case, based on a little more data I modified my count In this post to be the model below.  It indicated a much larger eventual bottom than the original high level model was anticipating.



While the bounce continued bit higher than modeled above, black 2 indeed stopped shy of a new high and since then the model has been followed almost exactly in all other respects.  To me this looks like a falling wedge that is well worth buying at this level.

 

Zooming way in it will likely either break out the top rail very soon per red path or dip one more time with throw under per blue path.  Blue in this case is primary but a break of the top rail would make red primary.



 Importantly, below is my top level model which was provided in this post.  It indicates that a big move up should be in the works soon - a 3rd or C.  Note that the move up to meet lower rail resistance was from $10-$40.  The next move will likely move the shares to the $80-$90 range as shown by the blue line below.  I have been waiting for the right setup to play this move and I think rising commodities prices will boost the near term fortunes of Mother Russia.