Russian RTS Index H4 and Daily Analysis

General overview for 04/02/2014 16:15 CET
The on larger time frame the index is in impulsive decline after complex and time consuming correction WXY has been finished in shape of a triangle. The decline has not been finished yet and there is more downside anticipated once the correction in wave (iv) green is finished. The first target projection is at the level of 1057 and the wave projection target is at the level min. 800 points.

Support/Resistance:
1057 - Wave 5 target projection
1190 - 38%Fibo of last swing
1226 - Technical Resistance
1245 - Invalidation Line

Trading Recommendations:
As long as price stays under 1245 level swing short positions should be opened with target much more lower: 1059 and 800 points.

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