Analysis for February 26th, 2013
Yesterday the bulls managed to break the maximum and complete wave  of 5.
By now the instrument has already formed an initial descending impulse. After a local correction, the price is expected to start a new descending movement inside the third wave.
More detailed wave structure is shown on the H1 chart. We may assume that wave 
was completed in the form of flat
pattern. During Tuesday the Index is expected to start a correction, but later the bears may return to the market.
It looks like Oil is still expanding
inside wave (3)
. On the minor wave level the price is finishing the fifth wave. There is a possibility that during the next several hours the instrument may start a correction inside wave (4)
As we can see at the H1 chart, wave 4
was completed in the form of double three
pattern. Later the price finished a descending impulse and started a correction. In the near term, we can expect the price to start a new descending movement inside wave 
RoboForex Analytical Department