Analysis for April 26th. 2013
The market is trying to start a new ascending movement inside the fifth wave. We may assume that the Index completed the fourth wave and right now the bulls are getting ready to break the maximum. During a local correction, I opened one more buy order. The target is the level of 14950.
As we can see at the H1 chart, wave 
was completed in the form of double zigzag
pattern. On the minor wave level, the market formed an initial wedge
pattern inside wave (1)
. In the near term, the instrument is expected to complete the second wave and then start growing up while forming the third one.
Oil continues moving upwards inside wave [B]
; the current chart structure implies that the price may continue growing up, that’s why I opened a short-term order during a local correction. However, the main scenario remains - the instrument is expected to start falling down inside wave [C] of E
More detailed wave structure is shown on the H1 chart. We may assume that the price is forming a bullish impulse wave (C).
Most likely, Oil will continue growing up while forming the fifth wave.
RoboForex Analytical Department