RENUSD - Elliot Wave Analysis
We are in the second Primary w[B] of a Cycle wc, which is a non-standard pattern (abcxabc) that usually goes up within a channel.
There are two likely scenarios here:
1) Primary w[B] is completed, so we are now moving up on to Primary w[C].
2) Primary w[B] is not completed; we are at Intermediate w(B) of Primary w[B]. Therefore; we should be expecting a minor retracement of Intermediate w(C) of Primary w[B] to around 0.833496.
Based on my past experience, I am putting more weight on the second possibility.
There are two likely scenarios here:
1) Primary w[B] is completed, so we are now moving up on to Primary w[C].
2) Primary w[B] is not completed; we are at Intermediate w(B) of Primary w[B]. Therefore; we should be expecting a minor retracement of Intermediate w(C) of Primary w[B] to around 0.833496.
Based on my past experience, I am putting more weight on the second possibility.
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