Analysis for March 13th, 2013
The Index continues moving towards new maximums. Earlier the price completed wave 
in the form of divergent horizontal triangle
pattern. The instrument may continue growing up during the day.
More detailed wave structure is shown on the H1 chart. The instrument finished wave 5 of (3)
in the form of diagonal triangle
pattern. Currently the market is forming the fourth wave, after which we can expect the fifth one
We may assume that Oil finished the fourth wave. Several days ago wave 5 of (3)
was completed a bit short. During the next several hours the instrument may start moving downwards inside the fifth wave.
The fourth wave took the form of zigzag
pattern. On the minor wave level Oil is starting an initial descending wave. During the day the price may start a new descending movement. The first target for the bears is at the level of $91 per barrel of Light Sweet.
RoboForex Analytical Department