Another View - 24th April:
This weekly chart looks at the bigger picture. The extent of the Rand devaluation concurs with the anticipated 3rd wave action. The assignment of Cycles I and II is made. The assignment of Primary waves within Cycle III has issue with lack of alternation between 2nd and 4th along with the 4th entering the 1st. The 4th Primary is thereby taken as a mid-3rd wave transition into extension and is labelled [3]' and [4]'.
The pitchfork is deployed and finds a target for [3] at 2.62 of the vertical move of Primary [1] from [2] at about a month away. The [3]'-[4]' wave is mid-point of this projected Primary [3].
The recent small bounce from the point where Primary [3] arrived at twice the vertical move of Primary [1] is seen as incomplete Minor wave 4 action where a 3rd leg to 17.7 is indicated for equal legs abc and with 18.26 at the 0.618 mark on the c-leg.
Cycle III has a projected target of 23.7 within between 2 to 3 years.
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ANC Anthem - 25th Anniversary (stolen version)
From 6th April:
This daily chart for the Rand-US Dollar rate presently sees Primary wave [3] in full swing. The projection is an exercise with some common and less common Fib ratios.
My wave numbering
The purpose of sharing this is to encourage broader interest with the application of the Elliott Wave theory.
The standard version of the theory applies.
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