Analysis for October 17th, 2011
We may assume that a descending impulse in wave A
continues. On the minor wave level we can see the formation of the third wave. Most likely, in the near term we can expect the price to continue moving downwards.
It looks like the price has formed a bearish initial impulse in wave 
. The forecast remains negative. At the moment the local correction is taking place, and after it is finished, we can expect the price to start falling down again.
We may assume that the price started forming the third wave. Earlier, wave (C) of [Y]
has been competed in the form of diagonal triangle
pattern. The forecast of the price movement is shown on the chart. The price may reach the level of 1.4250 within the next several days.
At the H1 chart the price has completed forming an initial rising impulse inside wave 
. The short-term forecast is still bullish. Right now the local correction is taking place, and after it is finished, we can expect the price to continue moving upwards.