Elliott Wave Analysis: USDNOK Trading In A Big Consolidation

Gregor Horvat Wavetraders

USDNOK shows evidence of a bearish continuation lower into big wave C shown on a daily chart, so any rallies on lower time frame charts are likely corrective moves as part of a bearish pattern.

USDNOK, Daily

Regarding the 4h chart we are observing an idea of a three wave rise into wave 4, with a possible reversal region around the 50.0 Fibonacci ratio. At the moment we see price trading higher within sub-wave c.

USDNOK, 4H

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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