Analysis for December 6th, 2011
We may assume that wave 2
has been completed in the form of a usual zigzag
pattern, and currently the price is forming initial waves inside the third bullish wave. The forecast of the price movement for the next several days is bullish. The short-term target is the level of 0.9600.
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 in wave 
. It looks like the second wave has also been completed. During the day the price may continue growing while forming the third wave.
After completing wave [B]
in the form of double zigzag
pattern, the price started initial descending waves. We may assume that the market is forming an impulse in wave (1)
. The forecast of the price movement for the next several days is bearish, their target if the level of 1.3100.
It looks like the local correction has been completed and right now the price is forming the descending wave 3
. The market may start moving downwards again on Tuesday. We can’t exclude the possibility that the price may reach a new local minimum before the end of the week.