Analysis for November 23rd, 2011
Franc continues consolidating. It looks like the market is taking a break while forming an extension in the second wave, which is almost completed. During the next several hours we can expect the price to start growing again in wave  of 3
. The first target for the bulls is the level of 0.9400.
We may assume that wave 
is taking the form of zigzag
pattern with quite long horizontal triangle
formed inside it by wave (B)
. During the day we can expect several descending waves, and then the price will probably reverse upwards.
It looks like the price, after several days of consolidation, has already started forming wave (3) of [C]
. During the day the price may reach a new local minimum, thus indicating that the main chart structure still remains in effect. Later, the bears are likely to reach the level of 1.3100.
More detailed wave markings are shown on the H1 chart. It looks like wave (2)
has been completed in the form of irregular double three
pattern in wave X
. Currently the price is forming an initial impulse in the third wave. Most likely, the descending movement will continue during the day.