MICEX Technical Analysis Elliott Wave Theory

Russian MICEX index hits important long term goal, SSMI a short-term goal.

MICEX hit a new ATH.

Yesterday, the Russian MICEX index hit a new ATH, thus fulfilling an important long term goal our Elliott Wave Theory analysis pointed towards.

See an excerpt from our MICEX EWT analysis section below:

MICEX Elliott Wave Theory analysis excerpt

With the MICEX fulfilling important distance criteria and increasing clarity in the wave structure, hopefully longer-term wave structures and options will clear up. This will in effect serve to increase the predictability of the Russian stock market for several years to come.

Once again, the validity of our long term Elliott Wave Theory work has been demonstrated. Of course, one would also do well to remember that markets do vary in predictability. It is not always possible to make accurate predictions; part of being an Elliott Wave Theory professional includes knowing when to make more definitive statements about the expected market action, and when to have the courage to admit that definitive boundaries for market action cannot be set for the time being.

Know when to hold ’em and when to fold ’em, as the song goes.

RT published an article which is well worth reading on the subject on the new highs in the Russian MICEX index:

SMI hits a minor EWT target.

The Swiss stock market index SMI has hit a minor minimum target at 8311 which we set last week, and which has solidified the short-term wave count in that index. A complex correction continues to unfold in the SMI.