A very interesting wave setup in #GAZPROM, the Russian gas giant, in this long term projection.
Two the most probable wave counts on this weekly chart:
If it is a huge regular flat, then wave C is expected to terminate in the $100-150 area.
The only possible count for an motive wave off the lows in 2008 is a leading diagonal. As a diagonal, it is expected to retrace closer to its origin, again towards $100-150.
From the Elliott Waves perspective, it looks like the stock is caught between the rock and hard place and is expected to lose about 60-65% of its cap in the nearest future.
If it breaks below $272.68, it would mean that it is on track. The candles are looking down.
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