USDRUB is in bear market rally, as we see it trading in an A-B-C correction within downtrend from Elliott wave perspective.
USDRUB currency pair made a massive decline from March highs due to war between Russia and Ukraine and we can clearly see an impulsive five-wave decline, which signals for a bearish trend. However, in Elliott wave theory, after a five-wave cycle, there’s always a three-wave corrective setback before the trend continues. So, USDRUB can be now trading in an A-B-C correction, where wave C can be already in progress up to 80-100 resistance area before a bearish continuation. We know that triangles cannot occur in wave 2, so the main reason why we believe it’s a correction within downtrend is because of a triangle within wave B that belongs to an A-B-C bear market rally.
DAX can be trading in a correction within uptrend. Check our chart HERE