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 |
| 18 Marcha | Euro continues to surprise by its offensive activity, and the considered pair shows a well-identified upward momentum. Perhaps, at this moment, we witness formation of the extended wave 3, which is in the initial stage of its development. We assume formation of the correctional wave ii of 3. Thus | In its difficult relationship with the US dollar, Pound is trying to keep up, and in some aspects is even ahead its continental counterpart - euro. The price has continued to steadily move up and the picture that we see on the chart now is not the limit. We assume that currently the correctional f | Finally, the considered pair has showed something we had been long expecting, the triangle was broken down, which indicates that correction boosted by the wave [iv] is over now. Now, perhaps, the wave [v] began to form, which can be limited by a slight update of the Low. After formation of horizon |
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