According to Wikipedia, “The Elliott wave principle is a form of technical analysis that finance traders use to analyze financial market cycles and forecast market trends by identifying extremes in investor psychology, high and lows in prices, and other collective factors”. To put it simply, the Elliott wave principal involves 5 impulse waves and 3 corrective waves, with each wave having its own rules and personality. For purposes of looking at USD/CNH, it appears current price structure is in Wave 4 and may have one more wave higher to complete the 5-wave impulsive pattern before putting in the 3 corrective waves. ... (full story)