Analysis for October 10th, 2011
We may assume that the price continues moving inside diagonal triangle
pattern of wave 5
. On the minor wave level one can see that the fourth wave is about to be finished. In the near term, we can expect the start of wave 
As we can see on the H1 chart, wave 
is taking the form of a usual zigzag
pattern with wave (C)
being formed inside it. During the day the local correction may be completed, and after that we can expect the start of the fifth wave.
We may assume that diagonal triangle
pattern in wave (C) of [Y]
has been already completed. Right now it is not quite clear whether we should expect a new rising trend, or some type of the correction. Anyway, in the near term, we can expect the price to reach the level of 1.38 – 1.39.
At the H1 chart we can see that an initial impulse in wave 
has been completed, and the second wave has been finished in the form of flat
pattern. Right now we can see the formation of the third wave. The price may continue growing during the day.