• 14 hours Institutional Movement Reinforces Bullish Sentiment In Crypto Markets
  • 1 day $100M Saudi Payment For Syria Fails To Help ‘Davos in the Desert’
  • 1 day Supply Issues Weigh On Pot Stocks As Canada Goes Legal
  • 2 days CME Bitcoin Futures Surge As Bullish Sentiment Grows Louder
  • 2 days How Do Your Savings Stack Up To The Top 1 Percent?
  • 2 days Amazon Favored To Win $10 Billion Pentagon Contract
  • 2 days American Steel Downgraded As Trade War Escalates
  • 3 days From Gold To Bitcoin: The Evolution Of Money
  • 3 days Italy Budget "Not Compatible With Commitments That Exist In The EU"
  • 3 days U.S. Deficit Defies Economic ‘Boomtime’
  • 3 days Saudi Business At Stake Over Journalist Murder Allegations
  • 4 days Trump Bails On Coal Industry Incentives
  • 4 days Google Opens Up About "Project Dragonfly"
  • 4 days Retail Sales Rebound, But Is It Enough To Post Positive Earnings?
  • 4 days Stocks Continue To Slide As Economic Fears Fester
  • 5 days Where Does The True Value Of Gold Lie?
  • 5 days Bitcoin Soars Amid Tether Drama
  • 5 days Fake Cheese, Hooters, And Big Banks: The Millennial Market Hitlist
  • 6 days “Enormous Piles Of Cash” Are About To Return To The Market
  • 8 days UAE Approves ICOs As Equities Markets Lose Momentum
Time To Buy A Lada? Russian Auto Sales Are Booming

Time To Buy A Lada? Russian Auto Sales Are Booming

Russia’s flagship carmaker was once…

EU Weighs New Payment System With Iran To Skirt U.S. Sanctions

EU Weighs New Payment System With Iran To Skirt U.S. Sanctions

Demonstrating its eagerness to continue…

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

Contact Author

  1. Home
  2. Markets
  3. Other

USDNOK Short Term Elliot Wave: Pullback in Wave 4 Before Turning Higher

Short Term Elliott Wave cycles suggests that rally to 8.641 ended wave 3 and wave 4 pullback is in progress to correct cycle from 11/7 low (8.135) before turning higher. Internal structure of wave 4 is unfolding in a double three where wave ((w)) ended at 8.501 and wave ((x)) ended at 8.592. Near term, while pair stays below 8.592, and more importantly below 8.641, expect more downside within wave ((y)) of 4 towards 8.484 - 8.505 area initially, followed by 8.418 - 8.451 area to end wave 4. Afterwards, pair is expected to resume higher as far as pivot at 11/7 low (8.135) remains intact. We don't like selling the proposed pullback and expect pullback to find buyers at 8.418 - 8.451 area for at least a 3 waves bounce.

USD/NOK Short-Term Elliott Wave Analysis Chart
Larger Image

 


At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.

 

Back to homepage

Leave a comment

Leave a comment