USD/TRY formed double top on the daily chart and the price going downward.
The Relative Strength index is on low level, and the price today going little bit upward, so I think its a correction. When the price will going downward again that's a good entry for short position.
From elliot wave analysis, i see that usdtry pair has finished 5 wave structure then started to a-b-c correction.
Also at 5,54 price level i see double top formation and during this time, you can see bearish divergences at macd line and histogram so my first expectation from usd/try is to drop around 5,32 price level.
Then if inclined support is broken, we can...
First of all, i expect a jump to B point which is 5.516 then i will look for a sell opportunity to aim C point which is 5.435 for my sell trade.
(Also i see some hidden divergence at macd histogram and signal line on 4h chart which supports my trading idea.)
When the elliot correction waves are totally finished at C point(which is our profit target), new rally...
Look to the left.
16 Aug 2018: 5.67354 breaks the symmetrical wave rule (reversal pattern) for a long-term downtrend, counted as wave I.
30 Aug 2018: The market corrected for wave II
Thus, I expect the market to drop from Wave II to Wave III.
- Monitor 1: wave group on I, II, III ... (Down)
- Monitor 2: H4 wave group (1) (2) (3) ... increase the tuning wave (3)...
Rsi daily divergence + overbough daily.H4,weekly,monthly target 3.6400
Turkish central bank (CBRT) cut the FX RRRS by 50 bp in order to boost liquidity.
The central bank has also cut the interbank borrowing limit to TRY22 billion, emphasizing that measures are aimed to tackle the unhealthy price formation.