Gravity33

RUBEUR ENDING A BEARISH PATTERN - ELLIOTT WAVE

FX_IDC:RUBEUR   RUSSIAN RUBLE / EURO
Hi Elliotticians, RUBEUR can be unfolding a complex pattern on the weekly time frame, known as a double zig-zag down from 2008. There is a completed a-b-c move in w, followed by a completed elliott wave triangle in x, and now a possible three-wave move down for a wave y. Possible support and a rebound can be near the middle parallel channel line and at the Fib. ratio of 1.0 and 0.618.
An impulsive recovery above the 0.0148 lvl . would suggest a completed move to the downside, and a bullish advance.

Alternate count suggests an impulse to be underway down from 2008, specifically wave 5 of an impulse, which is formed by five sub-waves. Possible support and a turning point to the upside can be near the same levels as for wave y.

Take care!
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