Analysis for January 30th, 2012
An impulse in wave C
is about to be completed soon. On the minor wave level the price is finishing the formation of the fifth wave. The price may reach a new local maximum, but it will be its final rising movement. In the future we can expect the market to start a new descending impulse.
If we take a look at more detailed wave structure, which is shown on the H1 chart, we can see that the price is forming the fourth wave inside wave 
. This local correction may be completed on Monday. In the near term we can expect the pair to move upwards while forming wave (5) of 
We may assume that the price is completing zigzag
pattern inside the second wave. On the minor wave level the market is finishing an impulse in wave (C)
. In the near term, we can expect the local correction to be finished and the price to start falling down again.
At the H1 chart the price is forming the fifth wave inside wave (C)
. The bulls may reach a new local maximum on Monday. After that we can expect the start of a new initial bearish impulse.