Analysis for September 23rd, 2011
Now it’s time to check if the scenario with an irregular pattern in wave 4
is correct. It looks like wave [X]
has been completely formed, and in the near term we can expect the start of wave [Y]
. If the price continues growing, the chart structure will be corrected.
We may assume that the price has completed an initial descending impulse inside wave (A)
at the H1 chart. The forecast of the price movement is shown on the chart. After the local correction is finished, we can expect the price to continue moving downwards.
Yesterday Euro reached a new minimum. We may assume that wave [Y] of 2
is about to be completed and is taking the form of zigzag
pattern. There is a possibility that the market may reach a new local minimum within the next several days and then make a reverse.
More detailed wave markings are shown on the H1 chart. It looks like the third wave inside wave (C)
has been completed and we can see the formation of the fourth wave. Most likely, the correction will continue on Friday, but we can expect the tart of the fifth wave in the beginning of the next week.