Ruble ascending

Let's hope that I don't get sued for the title. It sound very like a movie I watched recently, "Jupiter Ascending". The title sound nice and I like the actress, although I could not remember her name. She as beautiful eyes. But the storyline sucks big time. The sequent is confusing and I certainly do not recommend this movie.

 

However, my blog is not about movie, it is about my interpretation of charts. 

 

I have recently noted that occasionally there are visitors from Russia to my blog. So I have decided to look at Russian Ruble. 1 set of data I have is Ruble versus Euro. 

 

Fig 1 Euro Ruble Weekly Chart

The data did not go as far as I wish it to be, only till 2007, and I am surprise that Russian Ruble is so small compared to Euro.  The good thing about charting is that it allows me to look at the big picture.

I recall Russia was in deep shit when it fell against the USD end of last year. Putin came up with a brave face to tell the world that all is in order, but I guess he was sweating then. The news at the time seemed to indicate that the problem was a recent event, but from the chart, the weakness of Russian Ruble is not recent but existed since 2008 and 6 years in the making. 

Base on wave count, it should have completed a 3 wave pattern by now and on its way to recovery.

The indicators have already been diverging at the last stage of its descend and therefore would be supporting such possibility.

So where is it heading? Well, looking at the past, it seems to be interested in flag or zig zag formation. Based on the recent congestion, therefore, Eur0.02 and there is a resistance a Eur0.019554.