Analysis for December 5th, 2011
We may assume that the local correction has been finished, and wave 2
has taken the form of a usual zigzag
pattern. The price started the third wave and is now forming initial waves. In the near term, we can expect the price to continue moving upwards.
As we can see that on more detailed wave markings, which are shown on the H1 chart, the price has formed a rising wedge
pattern. Currently the correction is taking place, and after it is finished we can expect the price to start growing up in wave 
. It may reach a new local maximum by the middle of the week.
It looks like double zigzag
pattern in wave [B]
has been completed. The price is starting to move downwards in wave [C]
. On the minor wave level we can see the formation of the first wave. Most likely, the price will continue falling down during the week.
More detailed wave markings are shown on the H1 chart. The price has completed an initial descending impulse. Right now the local correction is taking place, and after it is finished we can expect the price to start moving downwards while forming wave 3