In the last post we were looking for a spike to new highs  http://www.wavepatterntraders.com/elliott-wave-analysis-of-usdtry-2/  Back then I felt that wave [5] need not look completed. Fast forward we now have that new high and a possible 5 wave advance from the triangle. What that simply means is that there are enough gyrations to count this whole advance from the 2008 lows as a completed 5 wave advance.

A strong move back under 3.500 is needed to suggest a potential reversal.

Wave 5 may see a bit more upside before its completed, although its also possible that it morphs into a running triangle for wave 4. Short term there are some options, but the weekly chart supports the case that a peak is likely close by.

Aggressive traders should put this pair on their watch lists and wait for signs of a reversal. If the current wave count is current the Turkish Lira is about to starting fighting and we see a nasty reversal to the downside.