Analysis for January 31st, 2013
The Index continues forming an ascending impulse inside wave 5
. On the minor wave level the price is forming the fourth wave. After completing a local correction, the instrument may break a local maximum.
More detailed wave structure is shown on the H1 chart. Yesterday the Index completed wave 
and then started a correction. We can’t exclude a possibility that wave 
may take the form of flat
or some other irregular pattern.
We may assume that Oil is completing an impulse inside wave C
. On the minor wave level the price is finishing the fifth wave. Later, the instrument is expected to make a reverse and start a new descending movement inside the first wave.
At the H1 chart the price completed horizontal triangle
pattern inside the fourth wave and started moving upwards again. We can’t exclude a possibility that currently the market is forming final waves inside wave (5) of 
. In this case, we can expect Oil to make a reverse during the next several days.
RoboForex Analytical Department