Just a thought... A bit more upside on USDTRY then bearish
Assuming the latest historical top as a Cycle Wave 3, we could assume we are in a Cycle Wave 4 now. The first impulsive downtrend after this top makes me believe it was a Wave A of a ZigZag. If this is true, we should be in a Wave B (of Zig Zag) now. Zooming in from the daily timeframe, we can count 3 waves up and a triangle currently unfolding (this triangle would be Wave 4 of Wave C within Zig Zag's Wave B).
So, my theory would be that once triangle can be considered complete (when prices break 14.76 resistance, or Triangle's Wave D), Wave 5 of Wave C within Zig Zag's Wave B would be unfolding (I'd expect this final Wave 5 to be reaching ~15.20). Then we should see the start of Zig Zag's Wave C, taking the price down (below 10?).
We'll see... I'll await price action confirmation before taking any trade...
Happy pip hunting!
*Not financial advice - just a thought purely based on technical analysis observations.
So, my theory would be that once triangle can be considered complete (when prices break 14.76 resistance, or Triangle's Wave D), Wave 5 of Wave C within Zig Zag's Wave B would be unfolding (I'd expect this final Wave 5 to be reaching ~15.20). Then we should see the start of Zig Zag's Wave C, taking the price down (below 10?).
We'll see... I'll await price action confirmation before taking any trade...
Happy pip hunting!
*Not financial advice - just a thought purely based on technical analysis observations.
