Analysis for May 5th, 2014
Probably, Index is forming extension
inside wave (3)
. Earlier, after completing double three
pattern inside wave 
, Index formed bullish impulse inside wave (1)
. During the week, market is expected to reach new historic maximum.
More detailed wave structure is shown on H1 chart. Index finished ascending impulse inside wave 1
and then formed zigzag
pattern inside wave (2)
. In the future, instrument is expected to complete flat
pattern inside wave 2
and then start moving upwards inside the third wave.
Oil continues falling down inside the third wave. Probably, earlier price formed bearish impulse inside wave 1
. Most likely, in the nearest future instrument may start falling down again and break previous minimum.
As we can see at the H1 chart, Oil formed two first waves. During the day, price is expected to complete wave (2)
and start new descending movement inside the third one. I’m planning to increase my short position as soon as instrument start forming initial descending impulse.
RoboForex Analytical Department