Analysis for September 30th, 2011
It looks like a rising impulse in wave (A)
has been completed and at the moment the correction is taking place. On the minor wave level we can see the formation of wave A
. Most likely, in the near term the price will continue moving downwards.
If we take a look at more detailed wave markings, which are shown on the H1 chart, we can see that the price is finishing the formation of zigzag pattern in wave 
. The forecast is still bearish. During the day we can expect the price to start falling down in the third wave.
We may assume that wave [Y] of 2
has been completed and at the moment we can see the formation of an impulse in wave (1)
. On the minor wave level the second wave is about to be finished. In the near term, we can expect the price to start growing in the third wave.
Most likely, wave 2
is going to take the form of a usual zigzag
pattern, with wave [C]
being completed inside it. The short term forecast of the price movement is shown on the chart. During the day the price may start growing while forming the third wave.