Wave analysis of the Forex market or Elliott wave principle is the type of technical analysis considering price to be similar to ebbs and flows. All price movements on the Forex market are subject to two types of waves:
- Impulse, or motive, phase – the waves which move price up or down (shown by digits)
- Correction phase: waves that respond to impulse (shown by letters).
| 2016 | EURUSD | GBPUSD | USDJPY |
| 10 June | The bulls could not achieve some success even with fundamental figures, which were published a week ago. Without the support of the buyers, the pair of coasting quietly grew up, but then got a pivot. And now there is another picture at this currency pair. The pair is going down slowly, but this slow | he bearish scenario began its active implementation At the moment the pair, obviously, is preparing to continue its decline in the development iii wave ( downward momentum). Potential movements until at least the local minimum price looks quite good, considering that the possible loss of 60 points. | Bears still managed to push the price lower than the local Low, but after that their pressure is ended and the pair began to grow slowly. Perhaps, therefore, the market makes it clear that the formation of the correction in the form of a ii zigzag wave, finally completed and it is time to look close |
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