Everyone in the Elliott Wave world saw the short set-up in Russia back in May. Last week another smaller set-up occurred, which confirms the idea that the RSX will fall by around a third from here. If things really get bad -- Fed policy errors, regional war, global depression, etc. -- then we can expect the RSX to fall to single digits, as you can see in the chart below.

Russia collapsing like this also jibes with my idea that the long bond yield will fall below the Jan. 2015 level.