Analysis for January 8th, 2013
It looks like the price continues forming double zigzag
pattern inside the second wave. At the moment the Index is being corrected inside wave B.
In the near term, the instrument is expected to start a new ascending movement inside wave C of (Y)
As we can see at the H1 chart, the Index is finishing wave B
in the form of flat
pattern. Most likely, the price will reach a new local minimum during the day. Later, the instrument is expected to start a new ascending movement and form an initial impulse inside wave 
It looks like the price is finishing zigzag
pattern inside wave C of (2)
; the bulls are about to break a local maximum. Later, Oil is expected to make a reverse and start moving downwards inside an initial wave 1
More detailed wave structure is shown on the H1 chart. We may assume that the instrument is forming wave (5) of [C]
. Most likely, the price will start a new ascending movement on Wednesday.
RoboForex Analytical Department