EURNOK is showing an incomplete Elliott wave sequence from the peak at 1.11.2016. We believe the pair is close to ending 3 waves down from 9.1.2016 peak and would soon bounce in 3 waves to correct the decline from 9.1.2016 peak and continue lower towards 8.9871 – 8.8478 area to end the cycle from 1.11.2016 peak or at least from 6.24.2016 peak. If the pivot at 9.1.2016 peak gives up during the expected bounce, then it would correct the cycle from 6.24.2016 peak and still make another push lower to 8.9871 – 8.8478 area as far as 6.24.2016 pivot remained intact because the sequence from 1.11.2016 peak is incomplete. We don’t like buying the pair in proposed bounces and expect bounces to find sellers in 3, 7 or 11 swings against 9.1.2016 pivot (9.354) in the first degree and 6.24.2016 pivot (9.5817) in the second degree.
