In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDNOK published in the membership area of the elliottwave-forecast.com . USDNOK broke September 3rd peak , which made the pair bullish against the 8.870 low. Besides that USDNOK made 5 waves up in the short term cycle from the mentioned 8.870 low, suggesting that was the first leg of the new cycle. The pair should find buyers in 3,7,11 swings for 3 waves bounce at least. . Consequently, we advised members to avoid selling the pair and keep on favouring the long side.
USDNOK 1 Hour Elliott Wave Analysis 6.18.2019
USDNOK ended cycle from the 8.870 low as 5 waves structure, labeled as wave 1 red. Now doing wave 2 red pull back that has already reached equal legs area at 9.0559-9.0067. We marked that area as blue box on the chart. At that area we like to be buyers for proposed rally or 3 wave bounce alternatively. Although we expect to see another marginal push down, we advise members to avoid selling against the main bullish trend. We favor the long side from the blue box. As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
USDNOK 1 Hour Elliott Wave Analysis 6.18.2019
The pair found buyers right at the blue box area. We are getting nice reaction from there so far. The bounce has already reached 50 fibs against the ((b)) high. So, members who took long positions should be already risk free from the blue box. At this stage we are calling wave 2 red pull back completed. However we need to see break above 9.1796 high to confirm next leg up is in progress. Otherwise break below 9.0494 would mean wave 2 red is still in progress as 7 swings structure. The price is now right between 9.0494 low and 9.1796 high.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.
