Elliott Wave Analysis: Gold and USDTRY Are Looking Strong! 

intra-day usdtry

Gregor - Author BIO photo


Stocks remain in strong uptrend, but we may see some pullbacks, especially if we consider a 5th wave on S&P500.

The main reason for a potential pullback can be that support on gold, right at the 38,2% Fibo. retracement, previous wave 4 and 1320 support level. In case we get a bounce back above 1330 region, then gold may easily go back to the highs, especially because of an opened GAP above.

GOLD, 1h

intra-day gold

Just another day in the office for USDTRY.

As expected, after that three-wave a-b-c corrective decline in wave b), seems like USDTRY is hunting that 5.89 – 5.92 resistance area for wave c) now.

At 5.89 – 5.92 resistance area bulls can stop, and a bearish reversal, below 5.671 low can happen.


intra-day usdtry


Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.



By Gregor Horvat

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