Analysis for August 16th, 2011
We may assume that impulse in wave A
has been completed and right now the local correction started. This movement may continue for some time, and then we can expect wave (2)
to continue, more specifically – the start of wave C
At the H1 chart we can see more detailed markings of bullish impulse of wave A
. The forecast of the price movement is shown on the chart. The correction may continue during the day, and after it is finished, up-trend may start again.
It looks like the price started to grow again, and wave 
was completed in the form of double three
pattern. Currently we can see the formation of initial bullish impulse. The price may continue growing during the day and reach new maximum of wave 
If we take a closer look at more detailed markings at the H1 chart, we will see the extension in wave 3
. After such a significant growth the price started consolidating. In the near term, the price may start growing again.