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 |
| 15 April | The last trading day was very calm. Bears did not show such zeal to push the price as low as possible as they showed before. Activity of bulls was slight and was counteract by rivals. It resulted in flat correction, which in the future will probably ensure continuation of the downward movement. O | Nothing unexpected happened about the pair GBP/USD. For the entire previous day the price had been standing almost on the same place. In general, our wave pattern retained its parameters and relevance. We assume that the considered pair had formed a horizontal triangle as the wave-link [x] includ | The US dollar continued its leisurely rise against the Japanese currency. Probably, it is boosted by the wave iv of [v]. We still can not see the entry points to open positions, because it is not clear whether this kind of leisurely growth will continue or the price will resume its downward moveme |
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