USD/TRY Should Resume Move Higher Soon

As mentioned here the USD/TRY broke in July out of a wave 4 triangle in and then retraced to 2.9133 where wave 3 (of larger wave 3) took off.

The pair is now in a minor wave 4 and has some more corrective movement to do before the rally resumes. Should not trade below 2.9932.

USD/TRY - Bounced from the trendline, more gains to come

As expected last week the pair dropped back to the broken triangle and spiked impulsively from the upper triangle line,

http://elliottwavestructures.blogspot.be/2016/07/usdtry-back-to-broken-triangle.html

From here on out USD/TRY will probably largely move in accordance with DXY and I reckon there are more gains to come . Below 2.9725 would invalidate this count.

USD/TRY - Back to the broken triangle

After that stunning Turkish coup last week the USD/TRY broke convincingly out of triangle wave 4 and made a new high at 3.0967. It is now moving down in a corrective fashion and the broken triangle seems like an attractive target. I'm bullish as long as this pair stays above 2.8725.