Analysis for March 4th, 2013
The Index failed to make a reverse. Earlier the price formed divergent horizontal triangle
inside wave .
Right now the price is forming the fifth wave. We can’t exclude a possibility that in the nearest future the instrument may start a new ascending movement and break a local maximum.
More detailed wave structure is shown on the H1 chart. After finishing an impulse inside wave (1)
, the price completed zigzag
pattern inside the second one. I should also note that the Index has already formed an initial ascending impulse inside wave (3)
. During Monday the instrument is expected to start growing up and form wave 3 of (3).
Oil is still moving downwards and expanding
. On the minor wave level the instrument is finishing the fifth wave. Most likely, in the nearest future the price will start a correction.
As we can see at the H1 chart, the price is finishing the third wave inside wave 5
and may start the fourth one during the next several hours. However, the bears are expected to reach the level of $89 per barrel of Light Sweet while forming the fifth wave.
RoboForex Analytical Department