NOK/USD Long-Term Elliott Wave OutlookThis weekly chart of the Norwegian Krone against the U.S. Dollar (NOK/USD) shows a clear long-term bearish structure within a descending Elliott Wave channel. The pair has been in a sustained downtrend since 2008, forming a five-wave impulsive pattern.
Wave (1) and (3) are already completed, with Wave (3) extending to the 1.618 Fibonacci projection level — a typical target for a strong third wave. The recent corrective structure suggests the completion of Wave (2) of a larger degree, likely retracing between the 0.382 and 0.618 Fibonacci levels.
The projection anticipates the start of a new bearish cycle with the unfolding of Wave (3) → (4) → (5), targeting the 0.055–0.06 zone. This region aligns with long-term Fibonacci confluence and the lower boundary of the descending channel, representing a potential final low before a major trend reversal.
Traders should monitor confirmation signals on lower timeframes to validate the start of Wave (3) down.
Disclaimer: The charts I post are based on Elliott Wave Principle and are intended to be self-explanatory. TradingView requires a meaningful description, and this text was AI-generated to provide accessible context for those less familiar with Elliott Wave concepts. This is not financial advice.
