On the Intraday chart of USDNOK
we are following an idea of an complex correction, a double zig-zag
that can still find lower levels before its completion. Currently we see price in red wave A), the first leg of a second zig-zag
, labeled as blue wave Y-circled, that could be in final stages. A three wave rally towards 0.5 and 0.618 fibo. ratios would be treated as a correction in red wave B) that could ideally turn to the downside at 8.5975 where previous swing low can act as an resistance.