This parabolic move in USDTRY has forced me to look at the Livermore's -underrated- Speculative Chart once again. Last year it worked almost perfectly but today I have some concerns. First one is Turkish politicians -members of ruling party- is very very satisfied with the devaluation of Lira since they want CB to lower rates. By doing this they will get support of their religious supporters (interest gain is forbidden by Islam)
On the chart side if this fits Livermore's speculative chart then it is more likely this is number 8 and we might see a final push to complete 9&10 which in this case suggests a level between 2.6500 - 2.7000 is a safer area to get short in this currency.
On the chart side if this fits Livermore's speculative chart then it is more likely this is number 8 and we might see a final push to complete 9&10 which in this case suggests a level between 2.6500 - 2.7000 is a safer area to get short in this currency.