Elliott Wave Analysis: USDNOK Is Unfolding Three-Wave Correction
Hello traders!
Today we will talk about USDNOK pair, its price action from technical point of view and wave structure from Elliott Wave perspective, as we see quite clear pattern.
USDNOK made a five-wave bullish impulse from the lows, ideally as part of first leg (A), which has been followed by a three-wave A-B-C setback in wave (B). Well, now that is breaking back above channel resistance line, seems like wave (C) is already in progress, which can push the price up to 9-10 resistance area before bears show up again.
So, be aware of more upside in upcoming days/weeks, just be aware of short-term intraday pullbacks.
Trade well!
If you like what we do, then please like and share our idea.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about USDNOK pair, its price action from technical point of view and wave structure from Elliott Wave perspective, as we see quite clear pattern.
USDNOK made a five-wave bullish impulse from the lows, ideally as part of first leg (A), which has been followed by a three-wave A-B-C setback in wave (B). Well, now that is breaking back above channel resistance line, seems like wave (C) is already in progress, which can push the price up to 9-10 resistance area before bears show up again.
So, be aware of more upside in upcoming days/weeks, just be aware of short-term intraday pullbacks.
Trade well!
If you like what we do, then please like and share our idea.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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