EUR/TRY is trading sideways and looks like it’s forming a big bullish triangle pattern in wave 4, which can be approaching the end soon, because it’s already moving in the final wave E. So, be aware of a bounce, maybe from the lower line of a triangle, just keep in mind that we need a break above 5.53 level, which would confirm our view.
A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subpide 3-3-3-3-3.
Elliott Wave Triangle