Analysis for June 17th, 2013
After completing the fourth wave, the Index formed several initial impulses. It looks like right now the price is forming an extension inside wave (3).
We can’t exclude a possibility that the instrument may break the maximum during the week.
At the H1 chart we can see, that the Index completed wave 2
last Friday. Earlier wave (2)
had been finished in the form of zigzag
pattern, and then the price formed a bullish impulse inside wave 1
. During the day, the instrument is expected to continue moving upwards inside the third wave.
Last Friday Oil broke the maximum of wave 1
. After completing wave 
, the market started forming the third one. Most likely, the instrument will continue growing up during the next several days. That’s why I opened another buy order during a local correction.
More detailed wave structure is shown on the H1 chart. The instrument is forming an extension
inside wave (3)
. On the minor wave level, the price is starting the fifth wave, which means that Oil may reach a new local maximum during the day.
RoboForex Analytical Department