Analysis for July 18th, 2013
The Index is still moving inside an ascending trend, the market is being corrected near the historic maximum. During the next several days, I expect the price to start moving upwards and reach the level of 15600.
More detailed wave structure is shown on the H1 chart. It looks like wave 4
is taking the form of horizontal triangle
pattern. During Thursday, the instrument may start a new ascending movement inside wave 5 of (3)
Oil is being corrected inside the fourth wave, which is taking the form of triangle
pattern. I placed a limit buy order near the pattern’s lower border. In the near term, the price is expected to break the maximum.
As we can see at the H1 chart, the price started forming wave E
pattern. I’m planning to enter the market as soon as the price rebounds from the pattern’s lower border, and later – after the instrument forms an initial ascending impulse.
RoboForex Analytical Department