Analysis for July 9th, 2013
After completing zigzag
pattern inside the fourth wave, the Index started forming an impulse inside the fifth one. It looks like right now the price is forming an extension inside wave (3)
. In our opinion, the instrument is going to break the historic maximum.
More detailed wave structure is shown on the H1 chart. After finishing flat
pattern inside wave 2
, the price started growing up inside the third one. Most likely, the instrument will continue moving upwards during the day.
Oil is forming a bullish impulse inside wave (3)
. After completing an extension
inside wave 3
, the market started a correction. There is a possibility that in the nearest future the instrument may finish the fourth wave and start a new ascending movement inside wave 5 of (3)
As we can see at the H1 chart, Oil is forming horizontal triangle pattern inside wave 4
. During a correction, I opened a buy order. I’m planning to open one more order during the next correction, as soon as the price will finishes an initial impulse.
RoboForex Analytical Department