July 21, 2024

Economic Digest 11/17/2019

The dollar/ruble pair changed little last week and closed at 63.7675. Medium term couple, rathertotal, completed wave C of wave 2 finaldiagonal triangle with 86, which is flat (marking here), and is already in wave 3. Long-term marking options are here. The net long speculative position in ruble futures increased by 600, from 25,700 to 26,300.  The RTS Index decreased and closed at 1449.42 (long-term marking here, medium-term marking here). The Russian Government Bond Index (RGBI-tr) set a new all-time high (564.93) and closed at 562.49. Listen to more details in the “Results of the Week” program.

World markets

Oilimplemented the “inverted head andshoulders,” and went into correction. When this correction ends (has ended) will depend on where exactly the KDT ended, which was the last wave in the movement from 42.05 (marking here), there are still options (see here). At the moment, flat (more details here) is no longer the most likely option; it is not yet possible to single out one. The net volume of long speculative positions last week increased by 18,500, from 406,100 to 424,600. The number of operating towers in the US fell from 684 to 674. The week closed WTI - 57.93, Brent - 63.45. At the end of Thursday, the number of bulls in the market was 53%.

Euro / dollar (EUR/USD) completed wave C of a flat correction withMarch 2015 (the marking can be viewed here, the dollar index – here), respectively, wave X in the long-term marking, since the level of 1.21545 was broken (previously this signal was given by the dollar index, breaking the corresponding level), and is moving towards parity. Now the pair is in the fifth wave of this movement, which is KDT. Closing of the week - 1.10525. At the end of Thursday, the number of bulls in the market stood at 29%.

Futures on the S&P index  What is the latest wave of growth, sayIt’s still difficult, most likely this is part of a corrective pattern (triangle or flat), and it is apparently not finished yet, so I expect the upward movement to continue in the near future. Closing the week - 3118.25. At the end of Thursday, the number of bulls in the market stood at 84%.

Goldis in wave B in a circle in the long-termmarkup (perhaps already finished it). The metal broke through 1366.08, therefore its wave B (or X) was a triangle, and it is already moving in wave C, and may have completed it (medium-term markings here). Closing the week - 1467.63. At the end of Thursday, the number of bulls in the market stood at 41%.

Bitcoin , most likely completed wave 4 of the momentum from the December lows, so it is likely that the most popular cryptocurrency has begun its rally in the fifth wave that will complete it.

RUH666 (ancestor of Rüchism)