In this technical blog, we will look at the past performance of 4 hour Elliott Wave Charts of USDSEK. In which, the rally from 07 June 2021 low unfolded as an impulse sequence and showed a higher high sequence. Therefore, we knew that the structure in USDSEK is incomplete to the upside & should see another leg higher to complete the impulse rally. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
USDSEK 4 Hour Elliott Wave Chart
Here’s 4hr Elliott wave Chart from the 1/13/2022 update. In which, the rally to $9.1859 high ended 5 waves from 10/29/2021 low in wave (3) & made a pullback in wave (4). The internals of that pullback unfolded as Elliott wave flat correction where wave A ended in 3 swings at $9.0025 low. Then a bounce to $9.1494 high ended wave B & started the next leg lower in wave C towards $8.9678- $8.8547 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum.
USDSEK Latest 4 Hour Elliott Wave Chart
This is the latest 4hr Elliott wave Chart from the 1/27/2022 update. In which the pair is showing a strong reaction higher taking place, right after ending the flat correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area.
Source: https://elliottwave-forecast.com/forex/usdsek-started-wave-5-blue-box-area/