Analysis for January 4th, 2013
We may assume that the Index is forming double zigzag
pattern inside wave 
. On the minor wave level the price finished an impulse inside wave A
. Most likely, after completing a local correction, the instrument will start a new ascending movement inside wave C of (Y)
More detailed wave structure is shown on the H1 chart. It looks like the price started a correction inside wave B
. There is a possibility that the gap level may become a support one; the instrument may rebound from it and start forming a bullish wave C
It looks like a correction continues; wave (2)
is taking the form of zigzag
pattern with wave C
inside it. In the near term, the price may grow up a little bit, but later Oil is expected to make a reverse and start a new descending movement inside the first wave.
As we can see at the H1 chart, wave 
is being expanded
. On the minor wave level the price finishing the fourth wave. The price movement is supported by the gap level; if the instrument rebounds from it, the price will start a new ascending movement inside the fifth wave.
RoboForex Analytical Department
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