Analysis for April 17th, 2013
It looks like the Index couldn’t make a reverse, `cause the bears weren’t strong enough to form an initial descending impulse. Instead of this, the price formed zigzag
pattern inside wave (2)
and an ascending impulse inside the third one. I expect the instrument to start a new ascending movement and reach a new maximum.
More detailed wave structure is shown on the H1 chart. Currently the market is finishing a local correction. Most likely, the instrument will start a new ascending movement inside wave 3 of (3)
We may assume that the price is forming a descending impulse inside wave [A]
. On the minor wave level, Oil is being corrected inside the fourth wave. Later the market is expected to continue moving downwards inside wave (5) of [A]
As we can see at the H1 chart, after completing an impulse inside wave (3)
, Oil started a correction. We can’t exclude a possibility that the instrument may continue forming the fourth wave during the day. I’m planning to open some sell orders after the market start forming the fifth wave.
RoboForex Analytical Department