USD/TRY may have completed a bigger triangle correction at the 5.63 level, from where a new reversal started developing. We are now tracking a five-wave move higher, an impulse, with price currently unfolding its extended leg 3. Leg 3 is an impulse itself, so a five-wave structure must be visible before a temporary high can be put in place, and a bigger wave 4 pullback may follow. That said, at the moment sub-wave iii of 3 may be unfolding, so be aware of a minor pullback into a sub-wave iv in the near future, ideally near the 6.8/6.85 zone.

USD/TRY, daily