Analysis for September 27th, 2011
We may assume that wave 5
is taking the form of diagonal triangle
pattern with the second wave being formed inside it. We can expect the local correction to be finished during the day. Most likely, in future the price will grow in the third wave.
More detailed wave markings are shown on the H1 chart. It looks like the second wave is taking the form of double three
pattern. On the minor wave level we can see the formation of wave (Y)
. In the near term, we can expect the correction to be finished.
The descending wave (C) of [Y]
continues. Euro has been consolidating for more than 24 hours, and most likely the current movement is a corrective one. In the near term, we can expect the price to reach a new local minimum.
It looks like the fourth wave is being formed inside wave (C)
. Proportionally, the fourth wave is already equal to wave 2
. Judging by the chart structure, we can expect the correction to be finished and the price to start falling down again while forming the fifth wave.