$USDNOK Short-term Elliott Wave Analysis 9.9.2016

Short term Elliott wave count suggests that rally to to 8.403 ended wave X. Decline from there is unfolding as a double three where wave ((w)) ended at 8.11 and wave ((x)) bounce is in progress towards 8.275 – 8.305 area to correct the decline from 9/1 peak (8.403). As far as 9/1 pivot at 8.403 stays intact during this bounce, expect pair to resume the decline lower again. We don’t like buying the proposed bounce.

1USDNOK 1H20160909101623

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