Analysis for July 3rd, 2013
It looks like after completing zigzag
pattern inside the fourth wave, the Index formed an initial ascending impulse. Right now, the price is finishing a local correction. Most likely, in the nearest future the instrument will start moving upwards inside the third wave.
As we can see at the H1 chart, wave (2)
is taking the form of flat
pattern. On the minor wave level, the instrument is completing an impulse inside C
. During the day, the Index is expected to start moving upwards inside wave 1
Oil made a reverse upwards. We may assume that right now the price is forming an ascending impulse inside wave (3)
. During a local correction, I opened a buy order. We can’t exclude a possibility that the instrument may break the maximum during the day.
More detailed wave structure is shown on the H1 chart. Right now, the price is forming an extension
inside wave 3
. After finishing a correction, the instrument is expected to break the maximum.
RoboForex Analytical Department