Bad days for coming us please remind what my 2018 analysis,I give a call from 2018, turkey economy is gonna sinking,
back to the today turkish politicans is never accept we are in economic crisis but its too late, our decisions still bad and I think we are wait a long time for doing something and big wave is coming I think its last correction.
We see what happened...
This analysis started from the lows 2 months ago and after a very slow completion of the double bottom, the neckline broke past week and in one sweep it went straight to it's target. It has been moving around a lot since, already made a 50% correction as well, so very dangerous asset to trade now. Many have asked me for an update on this one, so i am going to try,...
Market is approaching significant resistance
Weakening bullish momentum
RSI overbought + divergence
Head and shoulders pattern formation
Wait and sell breakout of the neckline.
Targets are based on structure!
Please, check my signature!
=> For those who believe in the bearish Turkey story, yet again we are at significant value areas for USDTRY longs. The 5th wave we mentioned in our previous idea can be seen clearly here and shows how the floodgates for 7.80 are wide open.
=> From a technical perspective the 5th wave target, the first major target is 6.78 (assuming wave 5 is a 1.00 ratio in...
Here we are witnessing a very interesting move taking place for the Turkish financial system. After finishing a clear corrective ABC sequence since the August highs we are now in the early stages of an impulsive move to finish the more broader 5th wave in a very large sequence.
For those tracking the updates in USDTRY in the previous charts (see attached:...
USDTRY has rallied up to a demand area and is currently struggling to push higher. My reversal trade will be confirmed when I see the bears building momentum and the price breaking the 20MA. A more conservative entry would be after the support trend line is broken.
Price may stay bullish but we think that it is too expensive to buy unless price breaks above 5.70 and retests.
There are two level that may collect buy orders marked on the chart
You can consider a short position targeting the lower border of the triangle.
You comments and likes motivates us, keep 'em coming.
In my previous analysis i showed a possible flag pattern could be formed against the resistance of the double bottom neckline. So far that is exactly what happend. On the right we can see the shape of a triangle. All triangles can breakout both ways, but since this one is an ascending which is being formed against a resistance zone , it is more likely to see it...