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 |
| 17 June | The last trading day no bulls neither bears managed seize the initiative. Even though the pair took a strong oscillatory motion in fact remained at the same place.This is caused by a local correction within the frames of the wave iii of the emerging downward momentum. Perhaps today we'll see an imp | Perhaps the price has completed to form the wave 1 of iii downward momentum. At the same time, probably, it is developing the correctional wave 2 of iii. So far, the correction looks unfinished, so in the near future we can expect a continued flat. However, no matter how the situation can develop, | The price is slowly slipping down within the framework of the wave [c] of y. It is difficult to say how long the specified wave model will continue to form. Therefore, the situation is either to sell or stay out of the market until the wave frame will be clarified. The price is slowly slipping down |
| 14 June | |||
| 13 June |
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