Russian Rouble Update. As on Sat 10 Feb 2024. CMP 91.
It has been 20 months since our first update on the Russian Rouble when it was at 60 to the dollar. It is now at 90. Lets look back at how the projections based on the wave principle performed.
Price found support at the 4th wave of 2 lower degrees at the 48 level before weakening to above 100.
At the time we made a couple of forecasts :
- Outlook : The rouble is likely to move back into the trend channel range above 70 and higher, and over time to continue weakening.
- Next few years should see a likely test of the 150 level again.
Whether the low at 47.75 is the entirety of wave 2 or just wave A of 2 we cannot know at this time. But a test of 137 ~ 150 at least is still likely over the next few years either as part of a 3rd wave or as wave B of a flat correction.