Analysis for October 19th, 2011
We may assume that the price is forming a descending impulse in wave A
. On the minor wave level we can see that the second wave hasn’t been finished yet. Most likely, the local correction will continue during the day. In the future we can expect the price to start falling down in wave  of A
Most likely, diagonal triangle
pattern has been completed in wave (B) of 
. The forecast of the price movement is shown on the chart. In the near term we can expect the price to start growing while forming wave (C)
. The final target of the correction is the level of 0.9050.
After an initial impulse
in wave 1
had been completed, the local correction started. It looks like the formation of the second wave may continue in the nearest future. After that we can expect the price to start moving upwards while forming wave 3
As we can see on the H1 chart, wave 2
is taking the form of a usual zigzag
pattern with wave [B]
being completed inside it. In the near term, we can expect the price to fall down in wave [C] of 2
, but after that the market may start growing again.