Analysis for May 23rd, 2014
Index is starting new ascending movement, just as we expected. It looks like after completing wedge
pattern inside wave (1)
, price formed flat
pattern inside the second one. During local correction, I opened another buy order and but if later price continues forming extension
inside wave (3)
, I’ll increase my position.
As we can see at the H1 chart, after finishing initial impulse inside wave 1
, market started new correction. Probably, Index has already completed wave 2
. Later instrument is expected to continue moving upwards inside the third wave.
It looks like Oil continues forming wave 2
in the form of zigzag
pattern. On minor wave level, price is moving upwards inside wave [C]
. Possibly, in the nearest future, instrument may break maximum.
More detailed wave structure is shown on H1 chart. Probably, price is finishing the fourth wave inside wave (3)
. I opened another order at predicted end of the fourth wave. Instrument may start growing up inside wave 5 of (3)
during the day.
RoboForex Analytical Department