Overall situation.
Since the start of 2011 the price was working in range (25 - 44)
After 2014 calamities it was the market crush.
Weakining of ruble in Russia, where the Head of Mail Group is originally.
That was a start of forming SYPER Triangle Pattern and working in it.
2014 crush cause the break down on 12 points of triangle with price transition from 37 to 25 and then further with exactly same 12 points to the bottom.
On may of 2015 - the test of level 25 - did not succeed and continued to forming triangle.
From 2015 year to August 2016 - weakened triangle pattern, was not broken in 2/3 of length and therefore make slow slip down making Zig-Zag correction in range of 15.8 to 18.8
From 2017 the power had been accumulating, the formation of Elliot 12345 motive waves begun.
On April and May of 2017 was a successfull attempt to break level with following retest and it confirmation. ( Purple ellips)
Then the Elliot motive waves ended in C of triangle and falls into ABC Correction to D.
Daily.
RSI shown incredibly oversold level, lower than anywhere esle. pointed with red circle.
To confirm that it is an uptrend reversal RSI should bounce from level 40-50 therefore I expect little decline from RSI to test 40-50 level and then to continue formation.
Now its too short to already bounce up.
SMA 50 - blue, SMA200 green.
SMA 50 Crosses down SMA200 = downtrend.
By SMA now still the area of downtrend, however divergence in SMA suffuciently high.
But we have to remember that SMA has delay and slow indicator and has lag time.
OBV in D confrims RSI signal, Indicator on oversold zone, but seems that does not rich the peak still. = Slight price correction down probable.
All RSI OBV and SMA signs seem that require correction down, from where the SMA finally will cross making strong reversal and in the same time where RSI stops at low level organizing clear convergence.
On stochastic the divergency is clear, point of reversal and end of correction wave 2.
Therefore I expect continuation of motive Elliot waves 2-3-4-5.(Or maybe its 3-3-5 correction wave that has started from March of 2018 and we will see formation ABC+ABC+12345)
In both ways I do not see signs of deep corrections and assume only slight declining, testing Gann 4/1 bouncing up creating Elliot impulse 3 and going up to 35
To sum up, I will w8 for a while till correction 1-2 will be ended ,then
open long from 26.50
SL 23.50
TP 35.82
RR 2.64
To boost up these idea and to fortify it I think that collaboration and emerging Alibaba and Mailgroup provides healthy environment for going stock up.
I am bullish about Russian Digital market
Since the start of 2011 the price was working in range (25 - 44)
After 2014 calamities it was the market crush.
Weakining of ruble in Russia, where the Head of Mail Group is originally.
That was a start of forming SYPER Triangle Pattern and working in it.
2014 crush cause the break down on 12 points of triangle with price transition from 37 to 25 and then further with exactly same 12 points to the bottom.
On may of 2015 - the test of level 25 - did not succeed and continued to forming triangle.
From 2015 year to August 2016 - weakened triangle pattern, was not broken in 2/3 of length and therefore make slow slip down making Zig-Zag correction in range of 15.8 to 18.8
From 2017 the power had been accumulating, the formation of Elliot 12345 motive waves begun.
On April and May of 2017 was a successfull attempt to break level with following retest and it confirmation. ( Purple ellips)
Then the Elliot motive waves ended in C of triangle and falls into ABC Correction to D.
Daily.
RSI shown incredibly oversold level, lower than anywhere esle. pointed with red circle.
To confirm that it is an uptrend reversal RSI should bounce from level 40-50 therefore I expect little decline from RSI to test 40-50 level and then to continue formation.
Now its too short to already bounce up.
SMA 50 - blue, SMA200 green.
SMA 50 Crosses down SMA200 = downtrend.
By SMA now still the area of downtrend, however divergence in SMA suffuciently high.
But we have to remember that SMA has delay and slow indicator and has lag time.
OBV in D confrims RSI signal, Indicator on oversold zone, but seems that does not rich the peak still. = Slight price correction down probable.
All RSI OBV and SMA signs seem that require correction down, from where the SMA finally will cross making strong reversal and in the same time where RSI stops at low level organizing clear convergence.
On stochastic the divergency is clear, point of reversal and end of correction wave 2.
Therefore I expect continuation of motive Elliot waves 2-3-4-5.(Or maybe its 3-3-5 correction wave that has started from March of 2018 and we will see formation ABC+ABC+12345)
In both ways I do not see signs of deep corrections and assume only slight declining, testing Gann 4/1 bouncing up creating Elliot impulse 3 and going up to 35
To sum up, I will w8 for a while till correction 1-2 will be ended ,then
open long from 26.50
SL 23.50
TP 35.82
RR 2.64
To boost up these idea and to fortify it I think that collaboration and emerging Alibaba and Mailgroup provides healthy environment for going stock up.
I am bullish about Russian Digital market
Trade active:
Long opened on 26.50 at 22 october 2018 19.44 Moscow Time
Let check my assumption.
Interesting thing to take in account - how the price will react that Alisher Usmanov has resigned from Head of Company, leaving new party of chairmans.
Let check my assumption.
Interesting thing to take in account - how the price will react that Alisher Usmanov has resigned from Head of Company, leaving new party of chairmans.