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).
| 2015 | EURUSD | GBPUSD | USDJPY |
| 04 December | The diagonal triangle worked just fine. Having completed this model, the pair strongly and confidently moved up. We assume that it started the wave (v) of the wedge. In the future we expect a small corrective pullback and the pair will continue to move up along the momentum. The diagonal triangle w | As we supposed, breakdown of the bottom of the diagonal triangle was false. The price almost immediately returned to the starting point and at the same time updated the local High. Therefore the wave (iii) of the upward momentum is being formed. If this assumption is true, in the near future we c | Today we can expect as violent price fluctuations as we witnessed yesterday. However, success of other currencies' movement against the US dollar can encourage the Japanese currency to show some result. We can notice that the pair is not ready to continue to grow, and this means that we are waitin |
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