USD/TRY started sharply declining from the 7.27 high, suggesting that an extended wave III) that is part of a higher degree wave V found its top, and that a pullback as wave IV) started unfolding. Wave IV) represents a pause within the trend, and can look for support/bullish turn at the 6.61 level, level of a former swing low, or lower at the Fibonacci. ratio of 50.0 (6.45 level). That said, once wave IV) fully develops its three-wave move, and we see pair again rising in five lesser degree waves, that is when wave V) can be in action. In case we see a more sideways price activity from here, then wave IV) correction can be more complex. 
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USD/TRY Into A Temporary Pullback - Elliott Wave Analysis
Published 05/26/2020, 10:31 AM
Updated 07/09/2023, 06:31 AM
USD/TRY Into A Temporary Pullback - Elliott Wave Analysis
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