We looked at USDTRY back in June and told the readers that preferred Elliott wave view suggested that cycle from 11/29/2018 low (5.129) ended at 5/9/2019 (6.199) as 11 swings diagonal structure that we labelled as wave (( 1)) and we expected a wave (( 2 )) pull back to unfold as a double three Elliott Wave Structure . Below is the chart we presented in the previous article on June 4 2019.

USDTRY Elliott Wave Analysis 4 June 2019 – 8 Hour Chart

USDTRY

Now, let's take a look at the recent 480 minute chart to see how the price action unfolded since June 2019.

USDTRY Elliott Wave Analysis 11 September 2019 – 8 Hour Chart

USDTRY

Chart below shows, pair bounced by holding above 5.673 level but the bounce failed below 5/9/2019 peak for another 3 swings lower to 5.4420 on 8/8/2019. Rally since 8/8/2019 low has confirmed that cycle from 5/9/2019 peak is over and the rally to 5.858 appears to be impulsive so we are calling wave ((2)) completed at 5.4420. Down from 5.858 peak, we are looking for a 3 waves pull back in wave (2 ) before the rally resumes. Break above 5.855 would put the alternate view in play suggest wave (2) has already completed at 5.638. As price stays below 5.791 and more importantly below 5.858, another push lower in wave (2) would be expected. Provided 5.791 high doesn't break, 5.570 area could be seen to complete wave (2) and should produce a 3 waves bounce at least.

Only a break below 5.4420 would suggest wave ((2)) is still in progress and in this case we could get a full test of 5.1422 low before the pair turns higher again.

USDTRY Elliott Wave Analysis – Daily Chart

USDTRY

Below, we present the daily chart again as a reminder of the long-term picture. We are also showing an alternate view in case the rally fails to break above 8/13/2018 peak. Break below 5.1422 would suggest wave "x" shown in the alternate view has ended already at 5/9/2019 and would expose 4.183 – 3.6970 as the next buying area in the pair to start wave (V) up or produce a larger 3 waves bounce at least.

USDTRY Elliott Wave Analysis – Daily Chart Alternate view

USDTRY

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD holding onto range amid trade tensions, ahead of FOMC minutes

EUR/USD is trading above 1.1050, within familiar ranges. The US Senate's support of Hong Kong protesters has aggravated tensions with China. The Federal Reserve's meeting minutes are eyed.

EUR/USD News

GBP/USD is on the back foot after the Johnson-Corbyn debate

GBP/USD is trading closer to 1.29, after Labour leader Corbyn beat expectations in his debate with PM Johnson. Further opinion polls are awaited. 

GBP/USD News

USD/JPY: rising bets for a test of 108.00

The bearish note in USD/JPY stays well and sound so far this week. US-China trade concerns, Honk Kong turmoil add to JPY-buying. FOMC minutes will be the salient event later today.

USD/JPY News

US Dollar Index extends gains to the 97.90 region, focus on Fed, trade

The greenback, when tracked by the US Dollar Index (DXY), is adding to Tuesday’s gains in the 97.90 region. US 10-year yields drop to 2-week lows around 1.75%. FOMC minutes will be the salient event later today.

US Dollar Index News

Gold climbs to near 2-week tops, beyond $1475 supply zone

Gold edged higher through the early European session on Wednesday and climbed to near two-week tops, just above the $1475 region in the last hour.

Gold News

Forex Majors

Cryptocurrencies

Signatures