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 |
| 20 May | The third wave, which is currently developing has an extended form. If this assumption is true, in the near future we can expect development of a small correction, then the pair will proceed with its drop. For this reason, my previosely opened Sell trade is in operation with the Stop Loss shifted | Yesterday the price updated local Low, but then it had returned to the starting point, where it remains now. The wave frame is still bearish and I assume that the wave [ii] took the form of a double zigzag. So , in the near future I expect another rapid decline caused by beginning formation of the w | The price may prepare for a corrective decline, cause at the moment the upward momentum seems to be completely finished. But we do not exclude the fact that the pair will continue to move upwards, thus extending the fifth impulse wave. Therefore, we should not rush into sales trying to benefit from |
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