Analysis for July 22nd, 2013
The Index is still moving near the historic maximums; the structure of wave (3)
implies that the price may continue growing up. Most likely, the instrument will continue moving upwards during the week and reach new maximums again.
As we can see at the H1 chart, the bulls are in control. It looks like after completing triangle
pattern inside wave B
, the price is growing up inside diagonal triangle
pattern. In the near term, the instrument is expected to continue moving upwards.
After finishing triangle
pattern inside wave (4)
, Oil started a new ascending movement. The structure of wave (5)
is far from completion. The instrument may continue moving upwards inside the fifth wave, that’s why I opened a buy order.
More detailed wave structure is shown on the H1 chart. We may assume that Oil formed flat
pattern inside wave 2
. Later the price is expected to start a new ascending movement inside wave 3
, and I’m planning to open several buy orders.
RoboForex Analytical Department