USDNOK - 9 February 2023

Feb 9, 2023

Daily bars:  Longer term top out - Down.
Price may have just formed the second shoulder of a longer term Head and Shoulders pattern at the 20 week cycle peak.

This analysis is part of a series of "quick reference" analyses in which we present a summary of the important highlights of the current situation.
  1. A 20 week cycle trough zone is due end April and price may have just topped out at the 20 week peak.  Risk is skewed to the downside.
  2. A clear head and shoulders pattern has formed, the neckline is circa 9.99 and the recent peak was probably the second shoulder.
  3. David Hickson correctly called the rally in a note at the end of last year.

240 minute bars:  80 day trough magnet towards end of month - Down.
Price is falling into a 20 day cycle trough. Roadmap is bounce-fail-drop hard again.

Christopher Grafton CMT

Chris has been involved in the markets for 20 years. He is the author of Mastering Hurst Cycle Analysis and is an experienced working technician. Chris holds the CMT qualification.