Analysis for November 28th, 2011
The price continues the formation of extension
in wave 3
with the third wave being formed inside the same wave. The market was able to break local minimum, thus indicating that the current chart structure still remains in effect. Most likely, the price will continue growing in the nearest future. The target for the bulls is still the level of 0.9400.
More detailed wave markings are shown on the H1 chart. It looks like the price has completed an initial impulse in wave (3)
. The local correction is taking place, and after it is finished the pair may start moving upwards again.
It looks like a bullish gap during the market opening is nothing more than just a part of the correction, which is taking place inside the descending impulse [C]
. In the near term, we can expect the price to start growing while forming wave (3)
. The target for the bears is the level of 1.3000.
We may assume that the price is forming the second wave, a small one, inside the descending wave 3
. The correction may continue during the day. After that we can expect Euro to continue falling down inside the current down-trend.