Analysis for October 11th, 2011
We may assume that diagonal triangle
pattern in wave 5 of (A)
has been completed with the reduced fifth wave. The correction started, with wave A
being formed inside it. In the near term, we can expect the price to continue moving downwards.
It looks like an initial descending impulse
in wave 
has been form inside the current correction. Right now the local correction is taking place. After the price finishes the formation of the second wave, it may start falling down again.
After completing diagonal triangle
pattern in wave (C)
, the price started growing very rapidly. There is a possibility that it may continue moving upwards in the nearest future. We can expect the market to reach the level of 1.38 within the next several days.
We may assume that at the moment the price is forming a rising impulse in wave 1
. On the minor wave level we can see the formation of the fourth wave. In the near term, we can expect the start of the local correction to start, and the price to start growing in wave