The RUB is getting stronger amid global weakness of USD (DXY) and rising crude oil.
Below RR 72 the move to the upside could be invalidated.
There is a chance that this drop could extend to the downside to build the large wave Y of WXY flat correction.
We saw such a drop in wave W before.
The minimum target is to hit the start point of wave X at RR 68.
The equal distance with wave W could send the USDRUB even deeper to RR 66.
I added the inverse UKOIL on the left scale.
It shows that RUB accumulated a huge divergence as oil is rising and RUB doesn't catch up with it.
Before last summer the correlation worked amazingly well.
Do you agree with this view? Please share your comments below.
Cheers!
Below RR 72 the move to the upside could be invalidated.
There is a chance that this drop could extend to the downside to build the large wave Y of WXY flat correction.
We saw such a drop in wave W before.
The minimum target is to hit the start point of wave X at RR 68.
The equal distance with wave W could send the USDRUB even deeper to RR 66.
I added the inverse UKOIL on the left scale.
It shows that RUB accumulated a huge divergence as oil is rising and RUB doesn't catch up with it.
Before last summer the correlation worked amazingly well.
Do you agree with this view? Please share your comments below.
Cheers!