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).
The wave scenario still indicates that the price is likely to move within the framework of the wave iiof the emerging extension in the wave [iii] of descending impulse. Thus, in the future, we expect a strong and extended decline of the pair within the framework of the considered scenario, but befor
The pair not only does not drop, but growing up slightly. So far, the movement seems to be corrective, so the wave frame is bearish by nature. So, yesterday's growth was boosted by completion of the wave ii of zigzag. Thus, the price has finished formation of the wave ii of [iii] of the downward mom
We assume at the moment the price is developing the ascending impulse, namely the wave iii, which probably has formed elongated. Inside the indicated elongation we see development of the third wave 3. Thus, the pair has a very good potential for impulse upward movement, so here we should look at buy