Analysis for April 12th, 2013
The Index is still moving upwards. It looks like the price is forming wave  of 5
. The current wave structure implies that the instrument may continue growing up in the nearest future. The target for the bulls is the level of 15000.
More detailed wave structure is shown on the H1 chart. It looks like the price is expanding
. On the minor wave level, the market is completing the fourth wave and may start a new ascending movement inside the fifth one during the day.
The instrument is still forming triangle
pattern inside wave B
. Yesterday the price started moving downwards again, so I decided to open a sell order. Most likely, the market will break a local minimum during the next several days.
As we can see at the H1 chart, the current correction was completed with diagonal triangle
pattern inside wave C of (4).
During the next several days, the instrument may continue moving downwards. If Oil rebounds from the lower trend’s line, the price will start a new ascending movement.
RoboForex Analytical Department