Analysis for December 21st, 2012
It looks like the Index finished an ascending zigzag
pattern inside wave 
. On the minor wave level the price is forming an initial descending impulse. We can’t exclude a possibility that after a local correction the instrument may continue falling down.
As we can see at the H1 chart, yesterday the bears formed wave 
. At the moment a local correction is taking place inside the fourth wave, but in the nearest future the Index is expected to start moving downwards inside wave  of 1
It looks like the price completed double three
pattern inside wave (2)
. On the minor wave level Oil finished wave X
in the form of flat
pattern. In the nearest future the instrument may start a new descending movement inside the third wave.
More detailed wave structure is shown on the H1 chart. Yesterday the bears did manage to finish a descending impulse. Most likely, after a local correction the instrument will start a new descending movement inside wave (3) of 
RoboForex Analytical Department
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