Analysis for August 30th, 2011
We may assume that zigzag
pattern in wave (4)
has been completed and the price is ready to start forming the fifth wave. Right now the price is near the local maximum, we should wait for an initial descending impulse, and then try to sell the pair during the correction.
More detailed structure of the fourth wave is shown on the H1 chart. It looks like an impulse in wave C
has been completed. The forecast of the price movement is shown on the chart. Wave 1
may start during the next several hours.
We may assume that initial impulse in wave 
has been corrected and now we can see the start of the third wave. The target of the price rising movement is the level of 1.5000. The forecast remains bullish.
At the H1 chart we can see that wave 
has been completed in the form of double three
pattern. On the minor wave level, an initial impulse in wave (1)
had been formed and the local correction started. In the near term, we can expect the second wave to be finished and the price to start growing again.