Analysis for November 9th, 2011
It looks like wave 3
may be completed extended
. On the minor wave level an initial impulse has been completed in wave 
. At the moment the price is forming the second wave. In the near term, we can expect the local correction to be finished and the price to start growing inside wave  of 3
. The target for the bulls is the level of 0.9300.
More detailed structure is shown on the H1 chart. It looks like the price is forming a descending zigzag
pattern in wave 
. Most likely, the market will start forming wave (C)
during the next several hours. After that we can expect the price to grow while forming the third wave.
The formation of wave [B]
continues. It looks like the correction is about to be finished soon. The forecast of the price movement is shown on the chart. During the next several days we can expect the start of wave [C] of Y
. The target for the bears is the level of 1.3100.
As we expected yesterday, diagonal triangle
pattern in wave (C)
continues. On the minor wave level we can see the formation of the fourth wave. During the next several hours we can expect the start of wave 5 of (C)
. After that the price may start moving upwards again.