Analysis for January 25th, 2013
The bulls continue pushing the Index towards new maximums; the market is just several tens of pips away from the upper border of diagonal triangle
pattern inside wave C
. If the price rebounds from this level, the instrument may make a reverse.
More detailed wave structure is shown on the H1 chart. Yesterday the price started forming the fifth wave. Most likely, the market will continue moving upwards and reach a new local maximum during Friday.
It looks like Oil is going to make a reverse; an impulse inside wave C
may be considered completed. We can’t exclude a possibility that the price is forming an initial descending impulse. I’ve opened a sell order with the tight stop.
At the H1 chart we can see that wave 
was finished in the form of diagonal triangle
pattern. On the minor wave level the market formed the first wave. I assume that a local correction also completed. During Friday the instrument is expected to start moving downwards inside wave (3)
RoboForex Analytical Department
You can view without authorization no more than two events per day and no more than 10 per month. To continue reading analysis, register or log in to your live account.