Analysis for July 31st, 2012
It looks like price is completing wave 2
. The correction is taking the form of zigzag
pattern with wave [C]
inside it. Earlier the pair finished wave [B]
in the form of flat
pattern. During the next several days the price is expected to start falling down inside the third wave.
As we can see at the H1 chart, the price is forming the fifth wave inside wave [C]
. On the minor wave level wave (4)
has been completed in the form of triangle
pattern. In the near term, we can expect the price to finish wave (5) of [C]
and then make a reverse downwards.
Euro continues forming wave ,
which may take the form of zigzag
pattern. On the minor wave level the price is forming wave (B)
. Most likely, in the nearest future the market will move inside the sideways correction
More detailed wave structure is shown on the H1 chart. The price is forming wave (B)
with wave B
inside it. It looks like the market is going to fall down a bit while forming wave (C) of [B]
during the day.