USD/TRY has reached the 250 Smoothed Moving Average, which acted as a support before. In this case, a fourth-wave correction might be at the late stages. If a pullback from the SMA happens next, there’ll be an opportunity to have bullish wave 5 of (3).
The market has been rising since wave ((ii)) finished as zigzag. There’s a possible triangle, which supposed to be the fourth wave of wave ((iii)). If correct, a fifth-wave advance should begin shortly, so the price is going to break the high of wave (iii) in the coming days.
There’s a huge bullish market on USD/TRY. As you can see on the 2Days chart, wave ((4)) formed as a triangle. Wave ((5)) hasn’t been finished yet, so we could see the price even higher in the short term. The fourth wave of wave (3) is likely going to end soon, so the market will begin unfolding wave 5 of (3) within the next few days.
