Long Term Forecast – Russian Ruble (RUB) – 02.12.2020

I view that Ruble is in slowly rising channel and the currency is close to completing its wave I off the all time low in 1994. The current wave 5 targets area of 91-100 in years 2022-2024. There is a possibility that wave 5 evolves as a diagonal, however, it is less likely. If the wave completes as a diagonal, it would need to quickly retrace to the origin of the diagonal (~55) and I view such scenario as unlikely. Once wave I completes, Ruble is expected to start a long and shallow correction, similar to the one in wave 2 of I, that could take 10 or more years.

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