Analysis for July 25th, 2011
As we expected last Friday, descending trend resumed its movement and the price started forming wave (3) of 
. The wave is far from completion, that’s why we can expect it to continue during the start of the week. The correction may take place at the end of the week.
completed initial impulse in the form of wedge
pattern. During the market trading opening the price made a strong downward movement while forming the third wave. There are no reasons to expect the correction, so one is advised to pay more attention to the fall of the price.
The price consolidates again while forming an extension in wave (3)
. The forecast of price movement is shown on the chart. The price may continue to grow to the level of 1.45 during the day.
At the H1 chart we can see mode detailed structure of wave (3)
. It looks like the fourth wave is being formed right now. In the near term, the price may leave the channel and start wave 5