The 2-year lasting correction could be over soon. Candlesticks in wave Y chart the shape of ending diagonal, which is strong reversal sign. Wave Y is already equal to wave W as it means that the USD drop was sufficient. The former major top at the 732 is the minimum target.
See related idea in Turkish Lira, it could be similar.
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Just to expand the picture I added the MACD sub-chart, which shows a strong Bullish Divergence with the price.
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Almost 1 year passed. Last consolidation before the target would be hit (extended target added).
@Dguaman, Hi, the target still same but the current move structure is unclear so no update now
btM_Afta
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@aibek, Hello sir ! thanks for replying. Im expecting a retracement to 686 and then go further till 730 .. ( all depends about copper prices and this currency war )
JoelcioCarvalho
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are you sure? If you consider the macro escenario (pro-market president, more dollars into national economy, better prices of copper)..it is looks like a bearish trend
aibek
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@JoelcioCarvalho, Hi, I am not a fortune teller, I just share my view with the community. The tightening cycle means more expansive borrowings for emerging markets with certain consequences.
Technical analysis reads what investors do not what they think. The price shows all you need.
are you sure? If you consider the macro escenario (pro-market president, more dollars into national economy, better prices of copper)..it is looks like a bearish trend
aibek
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@JoelcioCarvalho, check USDCOP, USDMYR, USDRUB, USDKZT - same story