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 |
| 29 July | Euro could reach the intended goal of correction at the top of the wave [iv], which apparently took the form of a Triple Three figure. Thus, decline is to be resumed, but the wedge lacks the final wave [v]. The price has bounced off this line, but it is not in a hurry to move down. Based on this ass | The price is moving within the flat getting closer to the outcome in the form of a strong movement. We expect the triangle to becomplete. So far, this has not happened, and it remains only to be patient to wait. My trading position has been open for a long time, stop loss and take profit are set, it | The correction is taking a more complex shape than it was supposed to. So far, it reminds a Double Zigzag, inside which formation of the wave y of ii is over. But don't hurry with purchasess, it is better to wait for an upward exit of the price and after that try to make purchases, although a correc |
| 28 July | |||
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| 25 July |
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