Analysis for January 20th, 2012
It looks like an impulse in wave C
has been completed. On the minor wave level the price is forming a descending impulse in wave 
. In the near term, we can expect the price to continue moving downwards.
More detailed wave structure is shown on the H1 chart. The price has formed an initial descending impulse and right now the local correction is taking place. The second wave may be finished during Friday, and after that the price will start moving downwards while forming the third one.
It looks like the price started a very serious correction, and it started much earlier than we expected. The price is forming wave 
, with an impulse completed in wave (A)
inside it. In the near term, we can expect the market to continue forming the fourth wave.
As we can see at the H1 chart, the price completed an initial rising impulse. On the minor wave level we can see the formation of wave (B)
. The price may continue moving downwards during Friday.