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 |
| 25 August | Yesterday was even more successful for the single European currency, so it was able to even further strengthen its position having updated the local High. So, the wave iii of [iii] the upward momentum has been presumably formed. In the future, we obviously expect a corrective retracement, which w | In the previous review we considered bearish scenario in a larger time interval than earlier. Now I would like to indicate the possibility of such a scenario on a smaller time interval. So, probably after completion of correction in the form of a simple Zigzag, the price formed the first impulse | It is quite possible that the pair has completed formation of the final diagonal triangle, and, along with that, entire rising impulse of movement. This possibility indicates that the pair failed to update High and crashed down! Thus, this decline could be the wave iii of the emerging downward mo |
| 24 August |
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