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 |
| 14 August | There no changes for this pair. As we expected, bulls didn’t manage to update the local maximum and, as a result, the correction formation has probably started. In the nearest time we shall expect for the correction continuation, after this the ascending movement will be proceeded. I remind that | Wait for the resistance level breakthrough! The price cannot pass the resistance level. In this situation the risk of the fast decline is increase, so, ot is better not trade at this pair, although we can try to take the resistance level breakthrough, setting on the local maximum the pending order | Expect for the correction development will continue. The pair stays the same here, it keeps trading in the correction. To finish the correctional model it is not enough to have the finished wave down. So, in the nearest time we shall expect for the impulse decline of the pair, during this the suppo |
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