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 |
| 29 April | Euro continues to behave aggressively rising higher and higher. However, local High has not been reached yet. Structure of movement still looks like a zigzag, which suggests that growth has a corrective nature. The 4 hours chart clearly shows that the assumed diagonal triangle is finally formed. N | The upward momentum. The price is being traded in the wave 5 of iii. Development of this wave is about to come to an end, but before this another high will be updated. Then we expect formation of the correctional wave iv to start. In this situation, we consider the possibility of sales. I recommen | This pair has updated Low, which automatically canceled bullish scenario. Therefore, we had to change our frame. According to updated version, the final wave [v] of the descending impulse is being formed now and it takes the form of the final diagonal triangle. This model is expected to be finall |
| 28 April | |||
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| 25 April |
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