Analysis for December 1st, 2011
Yesterday the correction continued, and the second wave looks almost completed now. The market, probably, is about to start the third wave. There is a possibility that the price may form an initial rising impulse by the end of this week.
We may assume that wave 2
has been completed in the form of zigzag
pattern. On the minor wave level the price has formed an initial rising impulse in wave 
. The local correction is taking place at the moment, and after it is finished we can expect the start of the third wave.
We had to correct the wave markings a bit. The price completed forming an impulse in wave [A]
, and then the correction started. We may assume that wave [B]
has been already completed in the form of a usual zigzag
pattern. During the next several hours the price may start moving downwards while forming wave (1)
More detailed wave markings are shown on the H1 chart. The rapid rising movement of Euro, which took place yesterday, is probably wave (C) of [B]
. On the minor wave level we can see that the price started forming initial descending waves. During the day we can expect the descending trend to continue.