TRY/USD
Given that the index is channeled from about 0.193 and the previous wave can be considered the end of the function, the 5 specified waves are standard and due to the short correction wave after hitting 0.117, one can expect the formation of an expanded band.
Accordingly, the value of the Turkish lira should increase against the dollar and is confirmed by...
Pattern: Channel Down on 1D within a long term (1.5 years) Channel Up.
Signal: Bearish as long as the price is trading (even if it breaks and later comes back in) within the Channel Down (dashed lines). No trade within the Red Triangle Zone. Bullish if the Higher High trend-line of the Channel Up breaks.
Target: The 1D MA200.
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