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 |
| 12 February | Upper movement on this pair is going to be more irrational. We can observe that growth is slowed down cause the development of wave iii with inside lengthening is going to end. We are expecting that this wave will be probably closed by ending diagonal triangle. The following correction decrease | last trading day didn’t clear up situation with this pair and ambiguity still remains here. Therefore, we have to observe position because we don’t know which possibility is more appropriate. Price is traded in some correction so open orders is not reasonable. According to this, we are waiting f | There are no prerequisites for correction pullback. Incipient wave iii is going to further lengthen. That is why we could make decision that the pair is going to further decrease which is figured on chart. But sell on this level is not attractive. It is better to wait for possibility of buying o |
| 11 February | |||
| 10 February | |||
| 09 February | |||
| 08 February |
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