USDNOK In A Bullish Turn
USDNOK is turning from the lower side of an Elliott wave channel line in impulsive fashion and breaking above the upper Elliott wave channel line, which confirms a completed five-wave decline and a low in place.
That said, a minimum, three-wave recovery can now be underway, so be aware of further gains, especially once a correction as b)/ii) fully develops, and finds support at the upper side of the broken Elliott wave channel.
USDNOK, 4h
(Click on image to enlarge)
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
How did you like this article? Let us know so we can better customize your reading experience.
Certainly I agree that the US Dollar is Not OK at the present time. I have been making comments that it would not be OK, due to inflation pressures, for several weeks. It is also unfortunate that my observation was correct. In this area I would much rather be incorrect. But others have made the poor choices and so now the rest of us will do the suffering. Not a happy thing at all.