USDPLN Elliott wave Analysis 9.23.2016

$USDPLN Weekly Elliott wave chart below suggests that cycle from 5.3.2011 low (2.64) has ended and the pair is in the process of pullback to correct this cycle in 3, 7, or 11 swing with potential target as low as 3.216 – 3.396 area before the rally resumes.

USDPLN Weekly20160923165714

Looking at the Daily Elliott wave chart below, the decline from 1/26 (4.15) high is unfolding as a double three where wave W ended at 4/1 (3.705) low and wave X ended at 5/24 (4.13) high. Near term, while bounces stay below 3.93, and more importantly below 4.153, pair is expected to resume lower towards 3.576 – 3.68. A break below 8/16 low at 3.77 should confirm the move lower.

USDPLN Daily20160923165742

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