USDTRY : Trading In A Correction

USDTRY has turned sharply down in mid-September that looks like an impulsive bearish reaction; mostly like first wave of a minimum three wave decline that can continue down to one of the former fourth waves around 2.600. But before weakness may resume we expect a three wave bounce in wave B-circled. On 4h chart we see that first impulsive wave (A) is already unfolding that may fill the gap before price will move down in to wave (B) for a pullback. After that will look for another leg up to 3.0000 psychological resitance where new big sellers may show up.

Link to our previous updates on this pair :