Analysis for April 26th, 2012
We may assume that an initial impulse was the last part of the local correction inside the second wave. It looks like the market is on the verge of a significant descending movement inside the third wave. In the near term, we can expect the price to continue falling down.
As we can see at the H1 chart, the price has completed a descending wedge
pattern in wave (1)
, and wave (2)
has been finished in the form of zigzag
pattern. On the minor wave level wave C
has taken the form of diagonal triangle
pattern. On Thursday we can expect the start of wave 1
It looks like the price is finishing wave (2)
, which is taking the form of double zigzag
pattern. On the minor wave level we can see the formation of wave Y
. In the near term, we can expect the correction to be finished and then the descending trend to continue.
After finishing horizontal triangle
pattern in wave X
, the price is forming zigzag
pattern in wave Y of (2)
. During Thursday the market may grow up a bit, but then there is a possibility of a reverse. The price may start forming wave 
during the next several days.