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 |
| 19 August | At the moment, the corrective model looks completely finished. Besides, the price began to look down, so it may be the first sign of the emerging wave 3. For this reason, I closed the Buy trade opened before and at the moment I am trying to enter into sales, especially because there is a good point | The price has been frowing for 4 days, met its goals in a zigzag pattern in the wave 2. Thus, in the near future, we expect resumption of the downward movement of the pair in the impulse form, during which the wave 3 will be formed. In this case we may try to open a sell trade with stop loss set jus | The pair continued to move along the fence along 100.00 from time to time making breakthroughs, but bulls immediately returned their positions. In the end, sellers got bored and a surge of the price took place. Our wave frame fits this scenario and at the moment the price is ending to form correctio |
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