Analysis for November 17th, 2011
After completing wave (B)
in the form of a usual zigzag
pattern, the price has formed an initial wedge
pattern in wave 1
. The local correction has been finished and the market started the formation of the third wave. Most likely, the price will continue moving upwards while forming wave 3
. The target for the bulls is the level of 0.9600.
An initial rising impulse has been formed in wave 3
and it was corrected by wave 
. It looks like Franc is going to start growing very high inside wave 
. The forecast of the price movement is still bullish.
The price keeps falling down in wave [C]
with the third wave being formed inside it. The current wave structure indicates a possibility that the price may continue moving downwards. The target for the bears is the level of 1.3200 in wave (3)
As we can see from the more detailed wave markings which are shown on the H1 chart, the price started the formation of the descending wave 3 of (3)
. In the near term, we can expect Euro to continue falling down. During the day the price may reach a new local minimum.