USDNOK Short Term Elliott wave cycles suggests that rally to 8.641 ended wave 3 and wave 4 pullback is in progress to correct cycle from 11/7 low (8.135) before turning higher. Internal structure of wave 4 is unfolding in a double three where wave ((w)) ended at 8.501 and wave ((x)) ended at 8.592. Near term, while USDNOK stays below 8.592, and more importantly below 8.641, expect more downside within wave ((y)) of 4 towards 8.484 – 8.505 area initially, followed by 8.418 – 8.451 area to end wave 4. Afterwards, USDNOK is expected to resume higher as far as pivot at 11/7 low (8.135) remains intact. We don’t like selling the proposed pullback and expect pullback to find buyers at 8.418 – 8.451 area for at least a 3 waves bounce.
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