Revised USDNOK short Term Elliott wave cycles suggests that rally to 8.641 ended wave 3 and wave 4 pullback is unfolding as a double three where wave ((w)) ended at 8.447, wave ((x)) ended at 8.543 and wave ((y)) of 4 is in progress towards 8.304 – 8.35 area. Near term, while pullbacks stay below wave ((x)) at 8.543, expect the pair to continue lower towards the target above before turning higher. We don’t like selling the pair and expect the pair to find buyers at 8.304 – 8.35 area for at least a 3 waves bounce while the current pullbacks stay above 8.231 (161.8% Fibonacci extension).
USDNOK 1H Elliott Wave Analysis
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