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 |
| 11 March | The wave patterns are easier to read on larger timeframes, so I would like to start by looking at the weekly chart. After a rather long-term growth, which began in late 2000 and ended in July 2008, the pair went into a downward correction, which we observe now. What is the reason for such a long fl | Weekly pound/US dollar chart is as follows. After quite strong decrease in 2008, the price turned to the flat, which it is trying to exit from at the moment. Correction is likely to take the form of a flat market, it indicates that the wave a of b is triple. At the same time, probably, the price | On the weekly timeframe situation is more clear. We assume that the impulse growth began in 2011. Then a decline began that probably has a corrective nature and takes the form of a double zigzag. This zigzag is forming the wave [c]. To make zigzag take its final shape, the price has to drop, beca |
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