USD/TRY has a Elliot Wave Theory, Here is the Proof!!!First of all, i expect a jump to B point which is 5.516 then i will look for a sell opportunity to aim C point which is 5.435 for my sell trade.
(Also i see some hidden divergence at macd histogram and signal line on 4h chart which supports my trading idea.)
When the elliot correction waves are totally finished at C point(which is our profit target), new rally can start either way.
Normally, new rally follows the old one which is bullish trend but we can't be sure without observing it. If new rally will be a bullish one, we can aim 5,64 and if new rally will be a bearish one, we can aim 5,30 as a target in future.
Here is the rules of Elliot waves you can compare with the chart above;
1- Second wave's low is higher than first wave's low.
2- If second wave makes a sharp correction, 4th wave will make a flat correction or vice a versa.
3-If 3rd wave is the longest wave, the time length of the first wave must be equal to the time length of the fourth.
4-After the 5th wave, A-B-C correction comes and this correction will take us to C level which is very close to low of 4th wave.
Hope to see you in next trades, have a nice day.
Berk.
