Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of USDNOK published in members area of the website.
Hello fellow traders. In this technical article we’re going to take a look at theElliott Wave chartscharts of USDNOK published in members area of the website. As our members know USDNOK has recently made recovery that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the December 27th low and completed correction right at the Equal Legs level.
Hour Elliott Wave Analysis 03.28.2024 The current view suggests that USDNOK is trading within the cycle from the December 27th low, correcting the cycle from the 11.273 peak. The structure shows incomplete sequences of higher highs, suggesting that the red X connector may still be in progress toward the 1.9734-11.1315 area potentially. Upon closer examination, we can observe that the first leg ) black formed with 3 waves. Subsequently, the ) connector also completed 3 waves, around the 61.
Hour Elliott Wave Analysis 04.04.2024 USDNOK extended upward and reached the extreme zone. The pair found sellers precisely at the equal legs zone at 10.9734 and made nice downward reaction from that point. The decline from the peak appears to consist of 5 waves, which raises the likelihood that the cycle is complete, and we may witness only a short-term bounce in blue before further extension lower resumes.
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