Seems like the ascend in USDRUB futures is about to form a local top and we are likely to witness a corrrection. Levels, timing and shape are very notional and will be updated as the correction unfolds.
The time is running out to complete wave [iv ]. Alternatively the price may shift the battle uphill as indicated in orange scenario which will buy more time. I personally think it is the blue one.
The price has broken through the super strong level which will support it going further. Its gravitation will hold the price near for the time being. Hard to get over the beauty of this move, the manifest of universal laws in the price of a currency..
I suspect that waves (i) and (ii) might be over and we will have a thrust upwards despite expectations for a longer and more organically looking diagonal.
I was pointed to inconsistency in my nested wxy and had to revise the count. My long awaited short might have just got postponed a bit more until a more sizable triangle is formed.
USDRUB futures are coiling in something increasingly looking like a triagnle in wave (Y) which would be the most logical copletion of [W ] [X ] [Y ] combimnation of [W ]- flat | [X ]- combination of zigzag/zigzag/triangle | [Y ] - triangle. This last triangle can be bigger though and spill to next week.
Very interesting count of nested wxys. Looking forward to see how my shorts will survive through this volatility. Combination of flat|combo|zigzag. The x combo is itself a combination of zigzag|double zigzag|triangle. Gosh, this was difficult to decode!
USDRUB is expected to head lower. I have restated the count to accomodate somewhat specilative expanding diagonal as wave [A ], driven by the shape of the latest correction that looks like wxy in wave [ B]. I am regularly scorched by other Elliotticians for overusing expanding diagonals that were said to be rare 50 years ago.
As I ebrace further rise in SP500 and RTS I should allow some downside for USDRUB to complete the correction. Based on what I see it is likely to be the ending diagonal. However, this can also be just part of some bigger structure of differently shaped b. Staying short for now.
I am tired of numerous counts but that's life... USDRUB keeps wavering in a way that allows interpretation in both ways (e.g. red).. Focus. The price is above strong support provided by level and moving averages.
