USDNOK has started a corrective phase after completing an impulsive intraday five-wave decline, which appears to represent wave A of a higher-degree ABC correction within wave (4). Following the initial sell-off, the pair is expected to enter a corrective recovery phase in wave B. However, once this rebound matures, another decline in wave C could unfold, completing the broader wave (4) correction. The ideal support area for the next downside move is located around the former wave 4 swing lows, the 38.2% Fibonacci retracement level, and the upper line of the base channel, which currently converges near the 9.66 level. A successful completion of the wave (4) correction in this support zone would set the stage for the next impulsive advance, with the broader uptrend resuming in wave (5).
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