As you can see, RSX is attempting to form a weekly swing low. A swing is a necessary element of a new cycle, but no guarantee of one. Further confirmation would be required. I use a proprietary indicator called TrendBands, shown above and discussed extensively within the Member Letter, to deliver such confirmations. In this case, a weekly close above the UpperBand (green) would confirm a cycle low and induce me to open a long position.
Given the potential for economic damage from the ongoing strife between Russia and the West, a higher high from Russian stocks would be quite a bullish indication. Perhaps our differences are in the process of being resolved, or perhaps Russia's other ties will be strong enough to overcome Western antagonism. Either way, I will just follow my chart and let the news work itself out.