Analysis for September 29th, 2011
It looks like wave (A)
has been already completed, and now we can see the start of the correction, wave (B)
, in other words. On the minor wave level we can see the formation of an impulse in wave A
. In the near term, we can expect the price to continue falling down.
An initial descending impulse
in wave 
has been finished, and it looks like the second wave has been also finished in the form of zigzag
pattern. The forecast of the price movement is shown on the chart. During the day we can expect the start of wave 
It looks like zigzag
pattern in wave (C) of [Y]
has been completed and the price won’t move downwards. At the moment an initial rising impulse
is being formed with the third wave inside it. In the near term, we can expect the price to continue growing.
More detailed wave markings are shown on the H1 chart. An impulse in wave 1
looks perfectly, as if it were taken from technical analysis guidebook. The second wave seems to be completed, and at the moment the market is starting to form the third one. Today’s forecast is bullish. The market may reach the level of 1.3800.