A great 6-minute video lesson in Elliott wave analysis of forex markets

Every Friday, the editor of EWI's forex-focused Currency Specialty Service, Jim Martens, records a video update for his subscribers. Each video delivers a real-life lesson on Elliott wave application to forex markets.

Watch this 6-minute video Jim recorded on October 12. Jim called for cable (GBP/USD) to drop below 1.60 in wave 5 of the developing Elliott wave sequence.

Ten days later, on October 23, GBP/USD fell as low as 1.5925.

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Here's some of what you'll learn:
• Which Elliott waves to trade
• Which Elliott waves set up your forex trade
• When your analysis is wrong
• Guidelines for projecting price targets
• How to evaluate an Elliott wave structure
• How to use the bigger picture to give you perspective on the market's next major move

Jim also takes you through two real-world trading examples to reinforce what you've learned and apply it to your own trading.

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This article was syndicated by Elliott Wave International and was originally published under the headline (VIDEO) GBP/USD: How Elliott Wave Patterns Predicted Recent Drop Under 1.60. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.