Analysis for July 29th, 2013
It looks like the Index completed wave (4) and is ready to start the fifth one. During this week, the price may break the maximum if the third wave. I opined a buy order during a local correction.
As we can see at the H1 chart, wave (4)
took the form of zigzag
pattern. On the minor wave level, the instrument finished an initial ascending impulse. After completing wave 2
, the instrument is expected to start moving upwards inside the third one.
Oil is about to finish the fourth wave. Earlier the price formed diagonal triangle
pattern inside wave 5 of (3)
. In the near term, the instrument is expected to start growing up inside wave (5)
More detailed wave structure is shown on the H1 chart. We may assume that wave (4)
is taking the form of double zigzag
pattern. We can’t exclude a possibility that the instrument may start moving upwards inside wave 1
during the day.
RoboForex Analytical Department