Analysis for November 30th, 2011
It looks like the second wave has been completed, and currently the market is in the very beginning of the third wave. The forecast of the price movement is still bullish. The price may reach a new local minimum within the next several days.
At the H1 chart we can see that wave 2 has taken the form of double zigzag pattern, and the price has formed an initial rising impulse. After the second wave is finished, we can expect the price to start growing inside “rally“ phase of the third one.
It looks like wave (4)
is about to be finished very soon. Currently the price is forming initial waves inside the descending fifth wave. In the near term, we can expect the price to continue moving downwards and reach a new minimum within the next several days.
We may assume that the price completed the fourth wave and then formed an initial descending impulse. At the moment the correction is taking place, and after it is finished the price may continue falling down. The short-term target for the bears is the level of 1.3100.