From Russia with Head Fakes

In light of S&P cutting Russia to "Junk," and the Russian Ruble plunging to six-week lows (read full text and see full story here) the RSX, country ETF for Russia, is giving up its apparent upside breakout last week. I had been looking to swing short Russia via a long RUSS (triple-short Russia ETF) position, but elected not to hold it overnight given Wednesday's failure to cascade down, thus avoiding Thursday's rally. Nonetheless, the chart is still a fine mess, perhaps morphing into an even larger basing pattern or, perhaps,  commencing a fresh leg down. In terms of specific price levels to observe, post-downgrade, it is likely bulls need to valiantly defend $14.60, then $14 to prevent another full rollover. Recapturing $16.30 on the upside is going to be the big task for the bull case, going forward.