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 |
| 13 May | It is quite possible that correction is still on. So, soon the pair may again turn up. In this case, the flat will be extended over time and need to wait until it's over to enter the emerging movement in time. So far, we expect a continued decline, which will form the third pulse wave. For this re | Once again bulls attacked the level, which they had failed to take for three times before that. The fourth attempt was an absolute failure, but it hurt my stop loss. The price is looking down again, and this time it is expected to take specific steps in this direction, because the decline is an ove | Buyers appear to have decided to postpone development of the final fifth wave of the rising impulse. Probably, the present correction is caused by development of the fourth wave. The pair is expected to continue to move up to finish the emerging impulse. For this reason, my opened Buy trade is still |
| 12 May | |||
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| 10 May |
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