Analysis for February 22nd, 2013
It looks like the Index completed an ascending impulse, inside wave 5 of (1).
On the minor wave level the price formed an initial impulse inside wave 
. After a local correction the price may continue moving downwards.
As we can see at the H1 chart, wave (5)
was completed in the form of divergent diagonal triangle
pattern. Right now the price is forming wave 
in the form of zigzag
pattern. In the nearest future the instrument is expected to move upwards inside wave (C) of 
At the H4 chart Oil is expanding
the third wave. On the minor wave level the instrument started forming wave 4
. Most likely, in the nearest future the price will start a new descending movement inside wave 5 of (3)
More detailed wave structure is shown on the H1 chart. Oil formed a descending impulse inside the third wave. We can’t exclude a possibility that during the next several hours the price may form a horizontal correction inside wave 4
RoboForex Analytical Department