Analysis for July 19th, 2011
Current prolonged correction forces us to change the wave markings. It seems that the range of wave [E]
inside the triangle was not big. After the wave [E]
had been completed, impulse in wave 
started. On the minor wave level, wave (1)
was completed, wave (2)
is being formed at the moment. After wave (2)
is completed, the price may resume its descending movement.
At the H1 chart we can see the formation of zigzag
pattern and wave C
in wave (2)
. This wave may continue during the day, however, the forecast is still bearish. The price may reach new minimum within next several days.
in completed in the form of zigzag
pattern, with the extended wave [B]
inside it. We may suppose that initial impulse (1)
was corrected by wave (2)
. The forecast is still bullish, we may expect the start of the “rally phase” of Wave 
during the day.
At the H1 chart we can see more detailed markings. Wave (1)
was completed with reduced fifth wave, the same as wave C of 2
. Two reduced waves can indicate that both bulls and bears are quite uncertain. Nevertheless, the main scenario still remains in effect. In the near term, we may expect wave 3