With a good night's sleep under my belt and more time to evaluate during the weekend, I think that a 3rd option is more likely than either of the above two and that is shown below. In essence, a deep vee 2nd that fills the lower gap in an a-b-c retracement with buy target of $11.70.
And then it will likely double within the next 2 weeks.
So saith the EW model and thus so saith The Captain.
Note: the fall will likely be coincident with a falling DJIA / S+P / $COMPX (AKA "the broader markets"). Then, the next rally up will likely coincide with the wave 2 rally of the broader markets. That is when we will probably see the first stages of decoupling between the broader markets and already-at-depression level commodities.
As usual, I will be playing it wave by wave.
Recap, if RUSL is weak on Tuesday's open, stop out easily, look to get back in on the gap fill at $11.70 and then hold on tight for an 80-100% increase over the next 2 weeks following the bottom. As always, this is about odds and not certainties, fellow gamblers. Never and I repeat not ever should we forget this. Use EW-defined stops and fold early if the trade busts the model and then don't be shy about re-entering at the next EW-defined entry point.
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