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
Keep in mind that the market is dynamic and the view could change in the meantime. Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allows you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader, then join our service with a special summer promotion.Back