Elliott wave analysis: USDTRY into a temporary correction
USDTRY has completed a bigger triangle correction at the 5.63 level, from where a new bullish move started developing. We are tracking a five-wave move higher, an impulse, with price currently turning down from 7.27 high, suggesting that wave III) is completed, and a wave IV) correction underway. As such we expect to see a three-wave decline in wave IV), with support at 6.74/6.45 area, area of Fib. Ratios of 38.2 and 50.0. Also, at the same region former swing low can react as good support. That said, a later recovery, once wave IV) is developed, in five legs would be first suggestion of a wave V) to be on the way.
USDTRY, daily
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