Analysis for October 4th, 2011
The price continues moving upwards inside diagonal triangle
pattern in wave 5
. On the minor wave level we can see the formation of the third wave. In the near term, we can expect the rising movement to continue.
As the pattern at the chart is diagonal triangle
, its third wave is taking the form of a zigzag
, but not an impulse
. We may assume that the price has completed wave [A]
and now the local correction is taking place. After that we can expect one more rising bullish wave.
The price continues moving downwards while forming wave 3 of (C)
. The forecast of the price movement is still bullish. The third wave may be completed in the nearest future and after that the correction will start.
If we take a look at more detailed wave markings, which are shown on the H1 chart, we can see that the fourth wave is being formed in wave 3
. Most likely, the correction will be finished during the day. In future, we can expect the start of wave  of 3