Analysis for January 11th, 2012
Rising wave  of 3
continues. Judging by the chart structure we may assume that the bullish trend is far for being over, and the price may still continue growing up. In the near term, we can expect a slight consolidation, and then the price may reach a new local maximum.
One of the scenarios let us suppose that the price is forming horizontal triangle
pattern inside wave (4)
. Most likely, the correction will continue during the next several days, and after that we can expect the start of wave (5) of 
The current price movement is just a correction inside the current descending trend. It looks like wave 4 of (3)
is going to continue for a little while, however, after that we can expect the price to start moving downwards while forming the fifth wave. The target for the bears is at the level of 1.2500.
The main scenario indicates that wave 4
is taking the form of the horizontal triangle
pattern. Most likely, the correction will continue in one form or another. Closer to the end of the week we can expect the price to start forming wave 5 of (3)