TURKISH LIRA TRY (TL) CONTINUES TO RISE AGAINST USD DOLLARS
Symmetrical triangle usually forms during a trend as a continuation pattern. so there is a higher chance of breaking out to the DOWNSIDE
It looks like all 5 waves are in place within a triangular consolidation mapped earlier (see related). The structure was completed faster than expected. Another drop of lira is ahead to hit the minimum target above the 7 handle.
Let us watch the shown channel for next big move!
Hi, First of all, I am not an elliott expert. So, you should not open any positions with this analysis. If my analysis true, I am seeing an ending diagonal at 5.th wave. Ending diagonals can be seen at 5th. wave of bigger degree motive wave, or C wave of bigger degree of correction wave. So as you can see in the chart, I am expecting a rise before a big...
First Target : 6.83 Second Target : 7.07 Third Target : 7.87
MACD crossed and very low volume phase started. No hard selling or any action that changes the price. While the weekly chart looks like a bearish flag, the daily chart is telling me something will happen soon. Watch for 20 moving average. It isn't going to be taken down easily. In the first higher high green daily candle, it is a but for surge with a stop loss...
Wave II in the works... unless Turkish Bank shuts it down.
Chart the S&R wait for the breakdown and fractals and MTF ema tux confirmation
Is the market going to follow this Elliott Waves Scenario?
EURTRY intervention risk high. Spiral looks pretty
Technicals nicely lining up . 4.70-4.90 selling pressure expected, with aim down towards 4.45, potentially down to 4.20.