At the last trading day of 2011 I posted the following analysis on EUR/TRY: http://theelliottwavesufer.blogspot.com/2011/12/elliott-wave-analysis-on-eurtry.htmlThe trigger was a decline below 240.00 and we got just that last week. The close below 240 hast not only triggered a double top with a target near 221.00. It most likely also confirmed, that wave 5 of an ending diagonal, which has been developing since early 2006 had come to and end with the throw-overs in August and October 2011.
Trading in TRY is one of the more delightful currencies, as the interest pick-up out-strip EUR by 5-6 pct. depending on the period traded.
The game plan therefore should be buying TRY selling EUR on a three months forward contract with a stop at 249.00, with a take profit near the 221.00 area.
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