It's Already Baked Into the Piroshki

Crude oil continues to work through either a sloppy sideways period of trading, or instead is breaking down again. The first chart, below, is the 30-minute timeframe for the crude oil ETF showing as much. The second chart, however, is interesting. The ETF for Russia not only failed to breakdown earlier this week, but it is now moving higher from the highlighted pennant (light blue lines). If Russia failed to break lower and is now squeezing trapped shorts, it could easily mean that the swoon in recent months already priced in, or "baked in," the carnage in oil (Russia's economy is highly sensitive to the price of oil). $16.36 is a level of interest above in the RSX ETF to observe to see if bulls mean business.