Elliott Wave analysis on EUR/TRY

EUR/TRY - Topping out here? I think so. we have seen an ending diagonal developing since early 2006. The throw-over in August and October also marks the boundaries of a minor double top and a break below 240.60 will confirm the top and a decline to the long term support line, which currently is near 199.25 and rising.
A break below 240.60 will trigger the double top for a decline towards the 222 - 223 area.
The nice thing about this cross is, that the yield on TRY (Turkish Lira) is a little over 8% in the 1 and 3 months periods, which will leave you with a nice premium to the spot rate.