Analysis for September 9th, 2011
The market started forming wave  of 3
, as we expected. The price movement is slowing down a bit, which may be a sign of the correction. Taking into consideration the fact that the previous growth was quite strong, there is a possibility that the fourth wave may take the form of one of the horizontal patterns.
At the H1 chart we can see more detailed wave markings. The price may continue growing in wave (5) of 
, but in general, this movement is about to be finished very soon. Most likely, that some of the news to be published today will start wave [A]
Bears did manage to break the minimum, and as a result of it, the current wave markings have been changed a bit. It looks like wave 2
, which is taking the form of double three
pattern, is still being formed. We can expect wave [Y]
to continue during the next several days, however, after that the reverse may take place and the price may start growing.
At the H4 chart we can see the formation of a descending impulse in wave (A)
. We may assume that this wave is about to be completed, that’s why in the near term we can expect the correction to start. Most likely, after that the price will start forming wave (C) of [Y]