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USDNOK

Important level coming up in USDNOKSince the lows in february this year, the trend has been upwards with higher highs and higher lows. But recent top above 8,65 came with a negativ divergence and now we might face a possible trend-change. However, the level around 8,52-8,50 should be key for the next big move in USDNOK. Failure to hold this level, we will confirm a new counter trend with lower highs and lower lows. The levels to watch for, as in bull/bear line is 8,52-8,50. On the upside we have great resistance just above 8,65, and while on the downside we should find great support 8,41-8,43. Play it safe untill we see a better trade-setup, offering a better risk/reward.
by ACRO
USDNOK Elliott Wave Application (feedback appreciated please.)I was reading over the weekend and really trying to understand how to identify inner waves of the larger Wave to get a better idea of structure inside of waves. Another area of learning for me was the correction waves, going over simple and complex and that brings me to this example here. As we are coming off a large 5- Wave completion, we got a ABC correction where C corrected 100% of Wave A. Following the correction the sub-wave count of the next push was a inner 5-wave move, not ABC, which makes me believe that the correction is actually completed and Wave 1 of next move is confirmed. Giving that situation i believe the sub-wave count can start for Wave 2 and we can find entries to get in on the 3rd Wave. Any feedback, input or clarification is highly appreciated guys, always a student of the charts!! Happy trading
by CroomFX