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Elliott Wave Analysis: USD/NOK Unfolding A Bullish Impulse

Elliott Wave Analysis: USD/NOK Unfolding A Bullish Impulse

Good morning traders! Hope you had a great weekend and are now fully rested for the new week. Let’s start.

USD/NOK is trading nicely higher today, probably unfolding final wave five of 3/C. We may see price reach levels near the Fibonacci ratio of 261.8. in days ahead. However, note that we are observing a five-wave rise within wave 3/C, which means once sub-wave five finds a top, a new three-wave reversal can come in play, probably towards the 8.1163 level.

USD/NOK, 4H

usdnok, 4h

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

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