The double zigzag retracement is near the upper resistance. There ought to be a reversal move to it's intermediate support levels.
No obvious fundamentals yet. Just a view...
The awaited RSI divergence has formed.
Only one support line of the three was broken (marked by the arrow).
Elliott rules presuppose an ending triangle formation.
To confirm it the price should cross upper downtrend resistance line.
Additionally to the currently evolving “possible ending diagonal in a leading wave one of the fifth of an upper diagonal” there are 5 gaps above to cross:
• 70.565;
• 71.455;
• 78.34;
• 75.2;
• 82.63,
5 nearest upper resistances:
• 1st resistance line is to retest at 69 and a couple kopeks;
• 2nd resistance line to cross at 69.5-70.80;
• The previous top -...
A min subwave iii 's appeared to be a diagonal with the thrust to $64.53. Now, the subwave iv is "jumping" to someware between $67-$73 in the wave c in the upper irregular flat wave IV.
There should be (but not obligatory) a bullish RSI divergence for a further subwave v in the wave c to complete IV above the strong resistance for this IV at $58.35 (the top of I...
Waiting for a bullish divergence in RSI within the next fortnight and an irregular flat corrective upwave toward 1/2 fib of C (which "b" should be a thrust through the support line).
Price is close to 3 strong resistances:
- the low (88.47) of the sub-wave " i " of the diagonal tringle wave "C" (19 Jun '12 - 19 Jan '16);
- two upper resistances in ascending trading channels (blue and grey lines).
Besides RSI is at overbought 79 level. Thus, waiting a local correction in a couple days..
Instead of the awaited 76.4% fib retrace, UKOIL (66.16) had corrected only 50% of the move 64.74 - 81.47 (08/02/18-17/05/18) to the pivot 71.11 (71.18 actually), drew a 335 reversal, broke the upper resistance line 21/07/18 and aimed to 88.75 - 61.8% fib of the wave "C" 115.68-45.17 (19/06/14-13/01/15)...
If several "ifs''... Then, a motive wave is being formed as a leading diagonal triangle with a thrust close to the 75.2 gap and not later then orthodox New Year...
Until the "sanctions from the hell" and due to BRENT hiking with DXY correction, RUR possibly aimed to 64.64 per 1 USD - 62.8% fib pivot within a "highly likely" triple or double zigzag retracement of a triangle shaped wave "C"..
If iv - $61,74 dated 11.11.2016-11-11 and
v-III=etr - $80,47 dated 2018-05-17 =>
fib 61,8% - $68,89
fib 76,4%-$66,16
as the wave II (from 2016-08-18 till 2016-11-11) was an Irregular Flat, than the forming corrective wave VI 'd be any Zigzag, possibly, an expanding double triangle WY which Y might have one of above calculated fibs' pivots...
