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 |
| 26 February | Bears did not manage to push the price below a critical level, was is also the level of support. The price started to rebound, and at present it may be the wave v of the rising impulse. Anticipating this wave, I opened a Buy trade. I will have to use a trailing stop, as there are doubts about the | Though the Pound began to resist, but we cannot talk about reversal. We assume that now the inner correction within the framework of development of the wave iii of [v] of the descending impulse is being formed. Thus, in the future we expect a little flat, then the pair will continue to decline. B | The pair is surely moving according to the route drafted on the chart below, thus implementing the corrective scenario. At the moment, the wave ii of the downward momentum is being formed. This wave implies growth, which is not over yet. Therefore, in the future we expect the upward movement to c |
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| 22 February |
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