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I have checked what Andrey Tsvetkov is saying about RTS and though I do not agree with his count he gave me the idea about smaller triangle (than I used to have) in the middle of the chart. I relabled the count and voila' I have RTS chart consistent with USDRUB futures chart I posted before - Now I am confident in the count again. Though it means that I have to...
Jeez, this USDRUB futures is a hard nut to crack. It is either an expanding diagonal to finish the count or the count is wrong..
Downtrend can be seen in USDRUSSIAN RUBEL. ENTRY FOR SHORT CAN BE TAKEN
Based on USDRUB alternative posted earlier. Wave 2 retraced too high far. Now I am less confident in the count.
Seems like I have spotted more organically looking alternative to my immediately bullish count. That way wave (2) wxy is much more credible on lower timeframes.
This is potentially a good moment for RTS shorts. Or at least to liquidate long posiitons in stocks.
Trendline and horizontal support lines approaching What happens here will be critical for NG bulls
Natural gas has been extremely volatile this year and has recently broken below major trendline support and continued selling off. Even with the volatility we have seen, with sharp moves higher followed by sharp moves lower, the market is still up almost $2 on the year, and we are looking to test a strong support level from the July lows. This market is the most...
I continue to expect USDRUB futures to rise and maintain bullish interpreations of the count. A series of first nested waves is often difficult to spot and the market always tries to shatter your thinking. The trade is opposed to fundamentals that command ruble to strenghten but technical analysis says up.
Wave 2 (circle) extended and made me update the count. Shorts are aching and invalidation level is near. Nevertheless, I hold short and long USDRUB as there is a similar picture.
The ruble is in runaway mode to 75.. Though the count is very tricky and not straightforward.
I am getting increasingly worried about RTS. The only way to label the wave down is expanding diagonal which is not always good to base your count on as it is statistically rare. On a higher level there is another expanding diagonal. On another hand may be these are fractals - the sign that the count is correct. An alternative is in red and I do not like it....
A minor intraday update to RTS. A bump is expected to finish off wave 2 and restest the trendline formed by the triangle before the downtrend resumes.
My previous count was invalidated. Here I make a case for expanding leading diagonal. Wave 4 is just by a hairthin longer than wave 2 but otherwise the rules are intact.
On the hourly chart, a triangle is formed for an upward breakout. The 0.559 level is very important. As soon as we gain a foothold, we will go further up. Pay attention to the stops you put based on your risk management. It is not an individual investment recommendation! All cottages on the market!