Analysis for June 2nd, 2014
Index continues reaching new maximums. Probably, after completing flat
pattern inside wave (2)
, price started extending
the third one. I’ve got only one buy order so far, but in the future I’m planning to increase my position.
More detailed wave structure is shown on H1 chart. Probably, earlier price finished ascending impulse inside wave 1
. Right now, market is growing up inside the third wave; it’s internal structure implies that instrument may continue moving upwards.
Probably, after finishing zigzag
pattern inside wave 2
, Oil started falling down onside the third one. On minor wave level, price is forming initial impulse inside wave 
. After completing local correction, instrument is expected to continue falling down.
As we can see at the H1 chart, price finished descending wedge
pattern inside wave (1)
. It looks like right now Oil is forming wave (2)
and may complete it by the end of the day. In the future, I’m planning to increase my short positions after instrument start forming initial impulse inside the third wave.
RoboForex Analytical Department