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 |
| 19 June | Bulls still dominate but correction is possible Bulls still dominate, but there is no great enthusiams from buyers once local High was updated. Probably, the reason is that correction is emerging. That is seen in small waves iii of [v] an ascending impulse. Further we expect continuation of growth w | Pound was able to accelerate so that High was updated. However, it lacks potential to grow further. We suppose that this ascending movement contributed to development of the wave 3 of iii. So, in the nearest times we expect that the pair will soon start its correctional decline. Based on this expe | By all appearance, the pair decided to return to its favourite position - in particular, staying calm. In this case, it can take a long time again. Maybe, I am wrong and the pair will renew its impulse decline following to a slight correction. So, we expect development of a sligh correction and re |
| 18 June | |||
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| 15 June |
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