The market has been slow the past few days ahead of the Independence Day, so no breakout happened neither in CAD, nor in RUR or Crude. Here's the updated wave count for RUR: it's is running one extra subdivision in w5 down, and I would assume this will be the final one before a bounce.
I do continue to believe that we are dealing with a 1.5 year flat correction which started in Dec 2014, and it's about to complete. From what I saw earlier in similar setups, the resolution of such a wide expanded flat correction occuring in wave 4 is a very fast wave 5, almost a spike-like shape which, once traced out causes a very quick trend reversal. It's a wave 5 that has been "forgotten" by the market and the market will be in a rush to trace it out in order to obtain a valid 5-wave advance.
There needs to be a trigger to launch this sequence - some market event, and I don't know yet what this will be. We need to remain patient. I will be longing USDRUB once I see it bounce circa 62-63, and 66 is bettered. I expect the targets of 85 or higher.
I do continue to believe that we are dealing with a 1.5 year flat correction which started in Dec 2014, and it's about to complete. From what I saw earlier in similar setups, the resolution of such a wide expanded flat correction occuring in wave 4 is a very fast wave 5, almost a spike-like shape which, once traced out causes a very quick trend reversal. It's a wave 5 that has been "forgotten" by the market and the market will be in a rush to trace it out in order to obtain a valid 5-wave advance.
There needs to be a trigger to launch this sequence - some market event, and I don't know yet what this will be. We need to remain patient. I will be longing USDRUB once I see it bounce circa 62-63, and 66 is bettered. I expect the targets of 85 or higher.