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).
Pair hasn’t started decrease moving. After small down moving buyers slowly turn pries back to the first level. Now we observe bearish trend but confidence in further pair decrease gets smaller after every upward moving. But it is possible that we observe development of inside correction into i
This pair didn’t moved yesterday. So the wave situation and expectations remain. Pair can start 3 impulse wave moment after forming zigzag would be finessed. According to the expectation of prompt impulse decrease the deal on sell was opened with stop-loss which was set a bit higher than loc
Pair hasn’t moved so it is better to see the situation on the shorter timeframe. We can observe on the one-hour timeframe that the price trading into the tapered triangle which is supposedly would be wedge. Indicated model looks like finished mode and in near time we can expected strong impulse grow