Analysis for August 10th, 2011
The formation of wave  of 5
is about to finish. The forecast of the price movement is shown on the chart. Most likely, the price will reach new minimum during the day. In the future we can expect the correction, which may last several days.
More detailed wave markings are shown on the H1 chart. We may assume that the fourth wave inside wave 
has been completed and the fifth wave may start within the next several hours.
We may assume that a long wave 
started with wave (3)
being formed inside it. The forecast remains bullish. Most likely, the market will reach new maximum of wave 
More detailed wave markings are shown on the H1 chart. Right now we can see an extension forming in wave 3
. The forecast of the price movement is shown on the chart. In the near term, the price may continue growing even higher.