Analysis for December 17th, 2012
It looks like the price completed zigzag
pattern inside wave 
. On the minor wave level the instrument is forming an initial descending impulse inside wave (1)
. Most likely, in the nearest future the Index will continue falling down.
As we can see at the H1 chart, the Index is forming a descending wave 1
. Earlier the price finished a bullish impulse inside wave (C).
Later, after a local correction, the instrument may start moving downwards and form wave 3
A local correction is still taking place, but it may be finished within the next several hours. After that the price may start moving downwards again. The target of wave (3)
is at the level of $75 per barrel of Light Sweet.
As we can see at the H1 chart, the price is forming the second wave. Earlier the instrument formed an initial impulse inside wave 1
. Oil may break a local maximum during the day and then start a new descending movement while forming the third wave.
RoboForex Analytical Department