ridethepig
Long

Starting 5th wave looks imminent...Lira bleeding continues

FOREXCOM:USDTRY   U.S. Dollar / Turkish Lira
=> Here are once more tracking the 5th wave in the USDTRY . The market has been corrective since August and now it is looking like we have completed the ABC which targeted 5.30.
=> This level was marginally pierced but it never saw any break with momentum which is screaming early alerts for those expecting the bleeding to continue for Turkey to start sticking the knife in once more.
=> Confidence in a base will increase through 5.60 after which the first target for our long s will then be 5.79.
=> In terms of targets for the 5th wave the first level to track is 6.78 assuming wave 5 is the same length as wave 1.
=> The nature of this rally shows there is a good chance of extending that well beyond towards 7.80 which will be the 2.618 target (please see the next USDTRY chart we are uploading for a mid-term map).

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