Analysis for July 4th, 2013
It looks like the Index is starting a new ascending movement inside the third wave. Earlier, after completing zigzag
pattern inside the fourth wave, the Index formed a bullish impulse inside wave (1)
. Most likely, the instrument will break the maximum during the next several weeks.
As we can see at the H1 chart, wave (2)
took the form of flat
pattern. On the minor wave level, the instrument completed an impulse inside wave 1
. There is a possibility that the instrument may form a local correction and then start moving upwards inside the third wave.
It looks like Oil is still forming an ascending impulse inside wave (3)
. Right now, a local correction is taking place. The short-term target is the level of $103 per barrel of Light Sweet.
More detailed wave structure is shown on the H1 chart. It looks like right now, the price is forming the fourth wave. Most likely, the instrument will break the maximum in the nearest future.
RoboForex Analytical Department