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Elliott Wave Analysis of USDNOK & Oil


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#1
Nouf

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I am looking for a pullback in 3 waves on this pair, although its not a pair i follow much, it was suggested by a member to watch as it has a close relationship with Oil

With a 5 wave advance in USDNOK and what appears to be a 5 wave decline in Oil (remember i posted the Oil and Copper charts over the weekend)

What i am looking for is a 3 wave bounce in Oil to align with the USDNOK pushing towards the 50% retrace around 5.600

That would ideally setup for a reversal as the trend is clearly down on Oil and, and with the next suspected move lower in Oil and Copper, based on the correlation between USDNOK and OiL we should see this pair rally higher

Furthermore you can also see its a decent proxy for the US$, so i suspect as USDNOK rallies the EURUSD pair will puke, which agrees with the idea of a bounce in EURUSD towards 133 and then setup for a move lower

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