USD/NOK is declining from 12.12 high, in five legs, which can belong to a higher degree wave A, that is part of a bigger corrective move in wave IV). At the moment price can be trading in final stages of a sub-wave v of A, so be aware of support, and a bounce into a corrective wave B at the 8.9/8.7 level.
Wave B is a correction, and usually unfolds three waves: A-B-C. Ideally, a zig-zag pattern will unfold, where leg a and c have five legs, and leg b has three of them.
Resistance for sub-wave c of B can be found at 9.80 level, level of a former wave iv.
USD/NOK, Daily
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