USD/NOK made a nice double zig-zag pattern, down from the 8.678 level where a higher degree wave a/i found a top. In a double zig-zag, we have three legs w-x and y, and all of them are corrective, of course. In this case, we can see wave w) and y) as simple zig-zags, however in other situations more complex structures may be recognized.

That being said, at the moment we see price turning higher from the 8.480 level, where the lower corrective channel line and measurement of equality of waves w) and y) are located. Both can react as support and reversal triggers for the pair, so be aware of a minimum three-wave reversal back above the upper corrective channel line, and ideally 8.620 bullish level.

USD/NOK, 1h

(Click on image to enlarge)