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 |
| 06 May | As we expected, decline got even deeper. However, the price can not be satisfied with that and we expect the flat to take a more sophisticated form. Therefore, I would not recommend any trades now. Also the pair may resume its growth, cause the diagonal figure is fully shaped. In this case, the pair | We assumed that the price had alreade developed the rising impulse in the form of the wave [c] of zigzag. It is also proved by the final diagonal triangle and the subsequent rapid decline as well as reluctance of the British currency to play this movement back. Probably now it is a correction and t | As we expected, US Dollar had gained some growth, which resulted in a certain correction. Further this correction may either turn into a continued growth (the impulse pattern). Another option is that it grow within the frames of a correctional zigzag, which will lead to update of the Low either the |
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