Analysis for June 20th, 2012
We may assume that the price has completed an ascending zigzag
pattern. There is a possibility that in the nearest future the pair may start an initial wave (1)
. One can consider opening additional sell orders after the price forms a bearish impulse.
As we can see at the H1 chart, the price has finished an impulse inside wave (C)
. It looks like the market is making a reverse. Most likely, within the next several days the pair will start moving downwards and form wave 1
It looks like the price is finishing wave 2
. Earlier the pair completed zigzag
pattern inside the fourth wave. The forecast remains the same. Most likely, the market will make a reverse downwards in the nearest future.
More detailed wave structure is shown on the H1 chart. We may assume that the price has completed an ascending impulse in wave C of (4)
. After the local correction is finished, we can expect the price to start forming a bearish wave 3