Analysis for January 14th, 2013
It looks like the Index continues is about to stop moving upwards quite soon; the price is moving above a local maximum. However, in the nearest future the instrument may still grow up and reach the level of 13500.
As we can see at the H1 chart, the Index is expanding the third wave. Currently a local correction is taking place. During Monday the instrument is expected to start a new ascending movement.
It looks like the price is finishing an ascending impulse inside wave C of (2)
. We can’t exclude a possibility that the instrument may break a local maximum. Later, Oil may reverse and start falling down inside the first wave.
More detailed wave structure is shown on the H1 chart. The instrument is forming diagonal triangle
pattern with the fifth wave inside it. In the nearest future the price is expected to continue moving upwards, that’s why I opened a new buy order.
RoboForex Analytical Department