Rouble Daily Elliott Wave Analysis 11.28.2021
The daily chart below shows the ((Y)) leg lower of the red c wave within triangle in wave (IV) in more detail. From the November 2020 highs at 80.95, a cycle lower within wave ((Y)) is in progress. In shorter cycles, wave (W) has ended in October 2021 at 69.16 low. From there, a sharp connector higher in wave (X) should fail below November 2020 highs for another push lower within wave (Y) of ((Y)). The target to the downside is 66.07-56.87 area. There, USDRUB should find support for a bounce in red wave d higher. Otherwise, in case of breaking below 56.87 level, the triangle pattern in wave (IV) will need a reevaluation.
As an outlook, decline towards 66.07-56.87 area signifies the medium term Rouble strength. Therefore, traders can be looking to sell the bounces against 80.95 peak in 7 or 11 swings until USDRUB will not not reach at least 66.07 level. However, long term favors still the dominance of the Dollar over the currency of the Russian federation. Indeed, the larger cycle from 2008 looks still incomplete and 85.94 highs should still be reached in a longer run.
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