Analysis for October 3rd, 2011
There is a possibility that the price may continue moving upwards for some time. We may assume that the pattern which is being formed in wave 5 of (A)
is going to take the form of diagonal triangle
. On the minor wave level we can see the formation of the third wave. We also may suppose that the price may reach a new maximum on Monday.
After completing zigzag
pattern in wave 
at the H1 chart, the market started forming a rising impulse in wave (A)
. The price may continue growing while forming this wave during the day, and after that we can expect the local correction to start.
Right after the market had been opened today, the price broke the minimum thus cancelling the bullish scenario. Right now we can see the formation of a descending impulse in wave (C) of [Y]
with the third wave being formed inside it. In the near term, the price may continue falling down.
If we take a closer look at the more detailed wave markings which are shown on the H1 chart, we can see that the price is forming bearish wave  of 3
. We can expect the price to continue moving downwards during the day. On Tuesday, the local correction (wave 
) may start.