Analysis for April 9th, 2013
The Index continues forming an ascending impulse inside wave 5
. On the minor wave level, the instrument is forming the fifth wave. The stop on my short-term buy order has been already moved into the black. Most likely, the price will reach a new maximum during the next several days.
At the H1 chart, the price is forming divergent diagonal triangle
pattern with wave 5
inside it. During the day, the Index is expected to continue moving upwards. The target for my buy order is at the level of 14670
The instrument is still forming horizontal triangle
pattern inside wave B
. It looks like the price is going to form one more bearish wave inside wave [E]
. Oil may complete this correction at the level of $91.50 per barrel of Light Sweet.
More detailed wave structure is shown on the H1 chart. After forming a descending impulse, the instrument is completing wave (B)
, which may take the form of zigzag
pattern. During the next several hours, the price may start a new descending movement inside wave (C) of [E]
RoboForex Analytical Department