Analysis for December 2nd, 2011
Most likely, the formation of wave 2
will continue and the correction will take the form of double zigzag
pattern. On the minor wave level the price is forming wave [X]
. During Friday we can expect the market to start falling down while forming wave [Y] of 2
It looks like zigzag
pattern in wave [X]
has been completed and in the nearest future we can expect the final descending wave inside the corrective movement. After that the price may form an initial rising impulse and start growing again.
It looks like the correction hasn’t been finished yet. During the day the price may continue growing in wave (Y) of [B]
. After that the market, most likely, will continue moving inside the current descending trend.
More detailed wave markings are shown on the H1 chart. It looks like the price is completing double zigzag
pattern with wave B of (Y)
(which is taking the form of triangle
) being formed inside it. During Friday the market may break the local maximum.