USDNOK just above the meaningful support


USDNOK: at this point I definitely could not consider the pair bottomed and both scenarios - the Primary and the Alternate - remain on the table.

The simplest count - Alternate 1D - suggests immediate decline to 8.0322 before a major turn to the upside occurs and below 8.4346 that decline remains quite doable.

The Primary count would be confirmed by immediate break through 8.4346 - but below 9.87 is the no man's land where wave (4) (corrective bounce) remains a feasible option; the next confirming signal level is 8.97. The final target for this scenario resides at 7.5581 region.

NOK= - Primary D - May-25 1045 AM (1 day)
NOK= - Primary D - May-25 1045 AM (1 day)
NOK= - Alternate 1 D - May-25 1045 AM (1 day)
NOK= - Alternate 1 D - May-25 1045 AM (1 day)
Arkady Yakhnis provides extensive coverage on precious metals, energy, and forex at ElliottWaveTrader.