USDNOK - Bull trend coming to an end! Prepare for BIG sell off !
We have been in a bull trend since June '19 and it's now making an Ending Diagonal, that as the name suggests, appears at the end of a trend.
A potential termination point is the Fib cluster zone marked by the yellow box but it can also come to an end even at current level!
A good sign of a sustained reversal will be if price breaks below the wave (2) and (4) trend line and then the dotten line from wave (2).
A first target can be 9.00 followed next by previous wave support level at 8.875.
If on the other hand price goes above 9.2590, the E.D pattern gets negated because wave (3) would then be the shortest of 1,3 and 5.
[Note that Ending Diagonal patterns tend to reverse sharply!]
A potential termination point is the Fib cluster zone marked by the yellow box but it can also come to an end even at current level!
A good sign of a sustained reversal will be if price breaks below the wave (2) and (4) trend line and then the dotten line from wave (2).
A first target can be 9.00 followed next by previous wave support level at 8.875.
If on the other hand price goes above 9.2590, the E.D pattern gets negated because wave (3) would then be the shortest of 1,3 and 5.
[Note that Ending Diagonal patterns tend to reverse sharply!]
Note
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Note
USDNOK - Did not break below the dotted trend line and is now at the 78.6% retracement level of previous down move. But because that move looks to be only in 3 waves and current one we could count as 5, I suspect that any weakness will be only temporary unless we see a clear 5 wave move to the down side.
Note
USDNOK - It was good to wait this one out. With this new high, the pattern is not that clear anymore. Maybe finished that Diagonal and are now in a Flat correction and should see a wave C lower in impulsive fashion down to 9.075 or 8.994. This then means we're not in an ending diagonal but rather a leading one and could see new high after that wave C.But this got really too messed up so it's no shame to just continue to sit on your hands until we have some sort of clarification.
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Don't forget to like, share and follow !
Questions? Chat or Comment on Ideas
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.