USDTRY made a sharp five-wave impulse decline from 8.58 high. According to Elliot Wave theory, a three-wave correction follows every impulse pattern. In USDTRY's case, the correction seems to be unfolding as a simple zigzag. We have the wave "a" and wave "b" seem to have completed as a simple zigzag. If this count is correct, the price should resume higher in wave "c" to complete the zigzag. Target above wave "a" high and upper boundary of the channel is plausible in the days ahead. The red level is the invalidation zone based on the current count.
What's your view on USDTRY? Let me know in the comment. Thanks for reading! Veejahbee.
It is necessary to comment not only with technical analysis but also according to the economic policies of the country. On December 24, the Turkish central bank will probably increase the interest rates, so I think it will drop below 7.50, although it predicts a technical rise.
Veejahbee
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@muammerosmankoksal, Thanks for your input. Actually, I don't trade based on fundamentals. As long as the price stays above 7.51 my bullish bias is still valid from the technical perspective.