Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of USDNOK published in members area of the website. In further text we’re going to explain the short term Elliott Wave view. As our members know, the pair has incomplete bearish sequences in 4 Hour cycle, suggesting further declines. Consequently, we advised clients to avoid buying the pair and expect rallies to fail for more downside.
Let’s take a look at the short term Elliott Wave forecasts and explain the view and trading strategy.
USDNOK Elliott Wave 1 Hour Chart 3.22.2018
The pair is correcting the short term cycle from the 7.8622 peak , doing wave ((iv)) recovery. Proposed correction is unfolding as Elliott Wave Zig Zag pattern , when we’re still in wave (c) most likely. We expect to see another short term swing up toward 7.7576-7.7793 area to complete proposed recovery. In the mentioned area (blue box) sellers should appear for further decline ideally or 3 waves pull back at least.
USDNOK Elliott Wave 1 Hour Chart 3.27.2018
We got proposed leg high toward selling zone : 7.7576-7.7793 . The price has broken slightly above 1.236 Fibonacci Extension, however sellers appeared shortly. Our invalidation level (7.8144 ) held nicely and we got decline from selling box. On 03/27 the price has made the new low as we were expecting. As a result any shorts fro the blue box are already in a risk free position. Currently USDNOK can be doing short term recovery against the 7.7919 high, and should ideally fail in 3-7-11 swings again. Keep in mind the market is very dynamic and short term view could have changed or not be valid any more when you look at this chart. Best instruments to trade are those having incomplete bullish or bearish swings sequences. They are shown in Sequence Report and best among them are presented in the Live Trading Room.
Elliott Wave Forecast
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