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 |
| 22 January | Again, buyers did not force the issue, giving initiative to their opponents, causing decline, which supposedly has a corrective nature. We assumed that the wave ii of [iii] of the expected upward impulse was finished. If this assumption is correct, the pair will begin a rapid impulse growth in the | The considered pair did something we expected for so long: the price has reversed. This has happened as usual, through a sharp surge in activity of sellers, followed by at least an active response of buyers immediately after playing a sharp decline. So, we assume that development of the wave v of | The considered pair sticks to our scenario. We assume that currently it is forming the wave iv of downward momentum. Thus, in the near future, there is a high probability of resumption of decline caused by the wave v. Based on these expectations, I opened a Sell trade with a relatively small stop |
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