Wave analysis of EURUSD, GBPUSD, USDJPY on May 28.
It is assumed that the construction of a long downtrend has been completed. In the last section, we can see the beginning of an upward trend. If the assumption is correct, then after a small downward correction, we will see the market growth within the upward correction or a new bullish trend. It should be taken into account that today in the UK and in the US Bank output, so it is not expected important macroeconomic statistics and the market may well form a wave of lateral nature.
It is very likely that an upward correction wave [iv] was built, after which we saw the beginning of the construction of the downward zigzag [v]. It is likely that the downward movement will continue today. However, given the UK and US Bank holidays, high volatility should not be expected. Rather, we will see very slow price movements.
Apparently, we saw the development of the upward correction wave (b), which takes the form of a triple zigzag. Most likely, during the upcoming trading week, the market growth within this corrective wave will continue. It is recommended to trade very cautiously in the framework of a correctional wave.
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