Analysis for May 8th, 2014
Price is starting new ascending movement. It looks like Index is forming extension
inside wave (3)
. Possibly, market may reach new historic maximum during Thursday.
More detailed wave structure is shown on H1 chart. After finishing wedge
pattern inside the first wave, Index formed zigzag
pattern inside the second one. In the near term, instrument is expected to continue growing up inside wave 3 of (3)
Probably, Oil is forming extension inside wave 3
. On minor wave level, price formed bearish impulse inside the first wave and right now is completing local correction. In the future, instrument is expected to start falling down again inside wave  of 3
As we can see at the H1 chart, wave 
is taking the form of zigzag
pattern. Later price is expected to move downwards inside the first wave, which may be a good signal to open several more sell orders. Instrument may break minimum of wave 
until the end of this trading week.
RoboForex Analytical Department