USD/TRY In A Bigger Decline At Least In Three Waves

Today we will talk about USD/TRY and its price action from Elliott Wave perspective.

USD/TRY made an impulsive five-wave decline from the highs, which in Elliott Wave theory suggests even more weakness, but after a three-wave corrective setback.

USD/TRY, 4H

We are not sure if the top is in place, but at the moment we can expect at least a three-wave a/i-b/ii-c/iii decline towards 6.5 – 6.0 area. However, before a continuation to the downside within wave c/iii, we may see an intra-day three-wave a)-b)-c) corrective rally up to ideal 61,8% Fibonacci retracement around 7.00 – 7.10 resistance area into wave b/ii.

Respect the price action and trade smart!