I explained and interpreted the wave ratios & relationships on the chart. Interestingly, most of the (fibonacci) relationships seem perfectly technical. Note that these sharp Fibo ratios and relationships are drawn only from the 1W price chart which provides more clear perspective for USDTRY in my opinion and my own experience. Legal disclaimer: This post does not contain any investment advice and I am not your financial adviser. The information provided in this post is only for informational purposes.
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Some friends asked me why trading alternatives for 5th wave are excluded in the cases of Wave 5 = Wave 1 or = 1.62 x Wave 1 . In fact the first case (Wave 5 = Wave 1) perfectly meets the requirements for a valid Wave 5 (= 5.7 + 0.9= 6.6) as shown below. However here we need to consider Elliott theory as a whole and remember that Wave 3 was "extended" or 2.62. In this case the geometrical position of Wave 5 is expected to be placed higher than Wave 3. Addtionally bullish flag or descending wedge are valid formations to be seen in Wave 4. So analyzing charts through a holistic approach is necessary to continue a well grounded technical trade.
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On the other hand, second alternative for this trade (Wave 5 = Wave 1 x 1.62) is as valid as the 3rd alternative. In this case we usually expect Wave 5 likely to end on the channel drawn from the top of Wave 1 as shown below. I interpreted on the chart two of these valid scenarios for the upcoming (in fact progressing) Wave 5.