Temporary Pause On USD/TRY – Elliott Wave Analysis

USD/TRY made a five-wave decline from the 7.265 high, which we labeled it as a wave A of a higher degree. We know that after every five-wave movement, a three-wave retracement may follow, and in our case this retracement can be a wave B, with resistance at the 6.9/7.0 zone. Now we still see price in a minor correction as sub-wave b of B, so be aware of one more push higher, as sub-wave c. Once a-b-c legs of B fully develop, and we see a decline in five lesser degree waves, and below the 6.75 level, that is when higher degree wave C can be underway.

intra-day usdtry

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