Analysis for October 13th, 2011
We may assume that a descending impulse is being formed in wave A
. On the minor wave level we can see the formation of the second wave. In the near term, after the local correction is finished we can expect the price to continue moving downwards.
If we take a look at more detailed wave markings, which are shown on the H1 chart, we can see that an impulse in wave 
looks completely formed. At the moment we can see the formation of the second wave. The correction may continue during the day.
We may assume that an initial impulse in wave 1
has been completed. There is a possibility that the local correction may start in the nearest future. After the second wave is completed, we can expect the price to start growing again.
Wave markings which are shown on the H1 chart indicate that the first wave has been already completed. Wave  of 1
has been completely formed on Wednesday. Most likely, the price will start forming the second wave during the neat several hours.