Analysis for July 16th, 2013
The Index continues moving upwards inside the third wave; the instrument has almost reached the historic maximum and may break it during the week. The target of wave (3)
is the level of 15600.
As we can see at the H1 chart, the market is forming the fifth wave inside wave (3)
. Earlier, the price completed an extension
inside wave 3.
I expected to instrument to start a new ascending movement during the day.
After completing wave (3)
, Oil started a correction. It looks like the price is going to continue moving downwards and break a local minimum. Expecting this to happen, I’ve opened a short-term sell order.
More detailed wave structure is shown on the H1 chart. We may assume that the fourth wave is taking the form of zigzag
pattern. On the minor wave level, the price completed wave B
. In the nearest future, the instrument is expected to start a new descending movement inside wave C of (4)
RoboForex Analytical Department