USDTRY Trading In A Three Wave Movement

FX:USDTRY   U.S. Dollar/Turkish New Lira
On the 4H chart of USDTRY             we see a completed first leg as in red wave (A) of a bigger three wave correction that started from 2.7573 low. That said we are now tracking a three wave movement in red wave (B) that seems to be in final stages and could be completed in session ahead. We may expect a reversal to the upside at 50 or 61.80% fibo. level of previous five wave sequence of red wave (A).
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So we should now be going down to Red wave (B) 2.828x bottom and then back up towards 2.92xx ?
+1 Reply
Yes to around 2.838-2.828 area. At that level we assume that black wave C will be completed. And further more 61.80% fibo. level is an ideal turning point for Wave b.
+2 Reply
DownUnder ew-forecast
pushing the limits right now, lets see how we go, can we make a return back up....
+1 Reply
Let's wait and see. Hopefully we go up. If not, we would then modify our wave count.
+1 Reply
bilk29 ew-forecast
euro/Ytl what do you have..thank you.
very good analysis thank you, what do you think about interest rate changes in december, how it will affect USDTRL ? increase till 3.1x ?
Thank you for all.can you geve gbp/ytl and euro/ytl..
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