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).
The price is looking down, and this because of development of the final wave [v] of the wedge. Earlier, I opened a Sell trade, and yesterday put up a pending order aimed to bearkthrough of the local Low, which has been successfully activated. Thus, in the near future we expected impulse drop of the
The wave iii of [iii] of the downward momentum is expected to start developing - ie, elongation in the third impulse wave. I've set a Sell pending order on the local Low, which has been successfully activated. Thus, in the near future, the pair is expected to continue impulse decline within the dev
The current picture is uncertain. The reason for that is the emerging correction caused by the wave 2. Since these waves are not finished, in future we expect a slight drop and then an abrupt impulse surge will be resumed. For a safer entry, I recommended using a pending (buy stop) Buy order set at