The wave Y reached equal distance of wave W. It could dip lower to 22.80 (valley of wave W). The trend then will resume to the upside. It could hit between 26.70 and 27.50. I see oil lower and oil related currencies could drop.
Same situation as with USDRUB. The structure gets complicated.
EURUSD goes in line with my expectations posted in the map earlier (pls see related). It reached the upside target on Friday and then collapsed. All minimum targets have been hit, so it can start now wave (y) down to complete huge wave X. The wave (y) = wave (w) hits right in the area of the former low at 1.0636. This will be the target. Wait the pullback and see...
Brent crude could extend it's corrective structure making a double three WXY. watch blue box area of 50-61.8% Fibonacci retracement for further clue. This an alternative view to augment the earlier posted idea. (see related)
Same story as in S&P 500 (see retaled) as global pandemics undermined the economy. Target 16 is a minimum to retest the former low.
The pair could be in wave C of (X) of ((X)). Let's see if it plays out classic model.
We are in the last wave C of (Y) of ((B)) - it is a correction. The wave C almost reached the distance of wave A. The wave (Y) already hit 1.272 of (W). Watch breakout of the yellow downtrend. The target is the former top of wave ((A)) at 23.20 where the wave ((C)) will reach 0.618 of the former. If it breaks above on a strong impulse than we can reach 26 where...
WTI could be in wave (C), which undfolds now within an ending diagonal. It already reached the 1.414 of wave (A). The wave 5 should complete it. Then the drop is expected, which first should break below trendline support. The final confirmation is below wave 4 of (C) under 13.19 The structure of the drop will show whether it will be a retest of the low or the...
ABC zigzag is shaping here The wave B could have been built and we are heading to the north in wave C It can reach 61.8% Fib and 1.272x of A is also there at 1.444
ABC zigzag could be built here to reach 61.8% Fibonacci retracement the wave B is in progress now
Monetarists will pump trillions of dollars in the system. This time it will be even larger QE4. The normalization phase of Fed reversed already in Sep 2019 with repo market collapse. Gold should adjust its value. We are in the middle of nowhere - market is above critical 1400 and below all time high of 1921. This is a simple trend based map. Watch the mid-channel...
This oil-related pair is going to complete the wave 4 down reaching minimum area of retracement at 38.2% Fibonacci of wave 3 at 430. The next support is at 50% at 420. I see the USDRUB should reverse soon so this pair then is going to follow. The target for wave 5 is located within 474-485 range.
Wave C could be underway down to reach $830 where C=A. What is your outlook? -Not lower than $1000 -$600 (C=1.272 x A)
The wave C could hit between 2900 and 3000 and there is a 61.8% Fibonacci retracement level. Its C=A or C=1.272 x A.
The wave 5 could unfold within 50-61.8% of waves 1-3 to hit between 0.8850-0.8900 (blue box)
I updated the chart as structure changed from earlier pattern (see related). Double three W-X-Y extended the consolidation. I think crude oil (see related) will dip again so its natural that USDRUB will move higher for ruble weakness.
Large triangle could emerge to shape a huge consolidation. Last wave E down is in progress. The trick is that it could be over already as last wave within a triangle could be short. On the other hand it could retest the downside support to complete the pattern in the 650-700 area. This option coincide with my idea that oil and ruble will drop one more time. After...