Nasdaq Points Up; USDTRY Getting Ready For More Weakness

Intermediate

NASDAQ should remain in uptrend, because we don’t see a completed five-wave cycle yet, so current three-wave decline can be only part of a corrective wave iv that can find support ideally around previous wave iii) swing high and 7600 – 7595 levels and from where may see a continuation higher for wave v of v) towards 7800 area. Invalidation level remains at 7550.

NASDAQ, 30Min

nasdaq

USDTRY might be ready for FOMC after that nice bearish setup from the highs. Watch out for a drop back to the lows, which should be made by five waves, but keep in mind that bears can be confirmed only below 5.75 region. If from any reason price goes back above 5.92 invalidation level, then we will have to adjust the view.

USDTRY, 1h

usdtry

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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