USDNOK short-term Elliott wave view suggests that the pullback to $8.1165 low ended Minute wave ((ii)). Up from there, the rally higher is taking place as Elliott wave impulse structure where Minute wave ((i)), ((ii)) & ((iii)) unfolding in 5 waves structure & wave ((ii)) & ((iv)) are expected to unfold in 3 swings corrective sequence.
Up from $8.1165 low, the rally higher $8.2627 high ended Minutte wave (i) in 5 waves structure. Down from there, the pullback to $8.1786 low ended Minutte wave (ii) as a Flat. Above from there, the rally higher to $8.4236 high ended Minutte wave (iii) in 5 waves. Below from there, the pullback to $8.3368 low ended Minutte wave (iv) as Elliott wave Zigzag. A rally higher from there to $8.4919 high ended Minutte wave (v) in 5 waves & also completed the Minute wave ((iii)). Currently, pair is doing a Minute wave ((iv)) pullback in 3, 7 or 11 swings to correct the $8.1165 cycle before further upside is seen. We don’t like selling it and prefer buying dips in 3, 7 or 11 swings against $8.1165 low.
USDNOK 1 Hour Elliott Wave Chart
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