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).
| 2015 | EURUSD | GBPUSD | USDJPY |
| 24 December | For the entire trading day the pair had been dropping yesterday without much enthusiasm, clearly showing that the movement is caused by correction. It is possible that we are dealing with emergence of the extended third impulse wave, and in the course of yesterday's decline the second wave of the u | Reversal of this pair obviously took place. This is indicated by a fairly strong growth that we observed yesterday. It is possible that the lead-in momentum up was formed and in the future we will have a long impulse growth. In this situation, we should start opening Buy trades with a Stop Loss se | So far, the considered the pair stick to our scenario. The pair is dropping, but not as fast as we would like. The market is in no hurry to develop the wave iii, so you need to monitor: as long as the price does not update the local Low, an upward bounce can happen and lead to continuation of the |
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