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 |
| 24 July | Decline of the pair as expected within the frames of emerging correction The pair has supposedly ended formation of correction in the wave [y] of (ii). If our assumption is correct, we shall further expect renewal of decline within the frames of the specified correction. In this regard, we have open | Correction on this pair has continued its development. The price has reversed after its abrupt upward movement and started to decline again. Meanwhile, this movement has not impacted on the wave scenario, which is still relevant. So, further, after a slight decline, we shall probably expect renewal | The wave 1 of [v] of an ascending impulsehas supposedly finished its development, followed by a decline, which is still relevant for this pair. Specified correction is being formed within the frames of development of the wave 2, which by now looks incomplete So, in the nearest time correctional wav |
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| 20 July |
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