Analysis for April 18th, 2013
We can’t exclude a possibility that right now the Index is forming the fourth wave. Earlier the instrument finished wave (5) of 
in the form of diagonal triangle
pattern. Later I expect the price to start a new ascending movement inside the fifth wave.
It looks like this correction is taking the form of zigzag
pattern. The market may break a local minimum during the day. If the price rebounds from it, the Index will start forming an initial ascending impulse.
Oil continues forming a descending impulse inside wave [A]
. Yesterday the price completed the fourth wave, broke the minimum of the third wave, and started the fifth one. The target for the next several days is the level of $84 per barrel of Light Sweet.
More detailed wave structure is shown on the H1 chart. It looks like the price could form only an initial impulse inside wave (5)
, but nothing more. After completing a local correction, Oil may continue moving downwards.
RoboForex Analytical Department