Analysis for June 18th, 2013
After completing the fourth wave, the Index formed an initial ascending impulse inside wave (1)
. It looks like right now the price is forming an extension
inside the third wave. In the near term, the market is expected to continue moving towards new maximums.
At the H1 chart we can see, that the Index formed several ascending impulses. During Tuesday, a local correction may yet continue, but later the price is expected to start moving upwards inside the third wave. The closest target is the level of 15400.
After finishing zigzag
pattern inside the second wave, Oil started a new ascending movement. It looks like the instrument is forming an extension
inside the third wave. After completing a local correction, the price may start a new ascending movement.
More detailed wave structure is shown on the H1 chart. Yesterday the instrument completed an extension
inside wave (3)
and started a new correction. In the meantime, the price may start growing up inside the fifth wave during the next several hours.
RoboForex Analytical Department