Analysis for March 9th, 2012
It looks like wave 
has been completed reduced
. Currently the correction is taking place. The formation of wave 
may take several days. After that we can expect the price to start falling down while forming the third wave.
Wave (5) of 
was a bit short and didn’t reach the minimum of the third one. Right now the correction is taking place. We may assume that wave 
is taking the form of zigzag
pattern. Most likely, the price will continue forming the second wave during the next several days.
It looks like the price is forming wave 
at the moment. The correction may take several days. The forecast of the price movement is still bearish. In the future we can expect the price to start moving downwards while forming the third wave.
More detailed wave structure is shown on the H1 chart. Wave 3 of (1)
has been completed extended
. At the moment the price is forming wave B
inside wave (2)
. In the near term, we can expect a local growth of the price in wave C of (2)