Analysis for September 1st, 2011
We may assume that the fourth wave has been finally completed, the correction has taken the form of a usual zigzag
pattern. It looks like an initial bearish impulse is being formed at the moment. The price may continue moving downwards during the next several days.
At the H1 chart we can see that impulse C
was completed with reduced
fifth wave. Bulls weren’t even able to reach a new maximum of wave 
. After that the price has formed a descending impulse. Right now the correction is taking place, and after it is finished the price may start falling down again.
After an initial rising impulse has been finished, we can see the formation of wave 
, which is taking the form of flat
pattern, with wave (C)
being formed inside it. Most likely, the price will continue falling down during the next several days, but after that we can expect it to start growing inside the third wave.
At the H1 chart we can see the formation of an impulse in wave C
. On the minor wave level, the third wave is about to be completed. After the local correction is finished, we can expect wave 5 of (C)
to start. In the future, after the formation of wave 
, the price may start an initial rising impulse.