Analysis for August 15th, 2011
A significant rising price movement is probably the beginning of wave (4)
. Taking into account the fact that the price is growing very fast we may assume that the correction will take the form of zigzag
pattern. If it’s true, the price may continue growing during the next several days.
At the H4 chart we can see more detailed markings of impulse in wave 5
. It looks like a five-wave pattern is being formed in wave A
, which may be completed within the next several hours. After that we can expect the local correction to start.
We may assume that a new bullish market, a very strong one, is about to start here. Wave  has been completed and the price is ready to start a “rally phase”. There is a possibility that we may see initial rising impulse at the end of the week.
It looks like wave 
is taking the form of zigzag
pattern, which includes diagonal triangle in wave (C)
. In the near term, we can expect the market to continue falling down. However, after this correction is finished, the price will start growing again.