Analysis for October 24th, 2011
A descending impulse in wave A
continues. On the minor wave level we can see the formation of the third wave. There is a possibility that the price may continue moving downwards during the day. The first target for the bears is the level of 0.8650.
The price has completed an initial descending impulse in wave 
and now is forming wave (2)
inside the same wave. The forecast of the price movement is shown on the chart. During the day we can expect the local correction to be finished and the price to start falling down again.
Today, after the market was opened, the price has reached a new maximum of wave 1
, thus confirming the current wave markings. We may assume that the market started forming the third wave. The forecast of the price movement remains the same. The target for the bulls is at the level of 1.4350.
As we can see on the H1 chart, an initial impulse is being formed inside wave 3
. The first wave may be completed within the next several hours, and after that we can expect the start of the local correction. Most likely, wave 
won’t be long, and the price will start growing again after a while.