Isn’t Elliott Waves an amazing forecasting tool? This #USDRUB forecast was posted on December 2, 2020 upon request and has not been looked into since. I was curious at that time what kind of event would send the currency from 75 to 100. Well, now I know and I wish it never happened.
As Ruble seemed to complete a structure that greatly resembles an ending diagonal, I am wondering what kind of event should bring it back to 55, the origin of the diagonal. I am very skeptical of this paragraph, but we will see.
It looks like the laws of nature, that were understood and shaped up by Elliott and Fibonacci, “know” about the events long before they happen. Amazing.
This is the original forecast:
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.
This is the link to the forecast on Dec 2, 2020:
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