Analysis for August 1st, 2013
It looks like the Index completed wave (4)
and started moving upwards inside the fifth one. I’ve already moved the stop on my buy order into the black. Most likely, during the next several days the price will reach new maximums.
We may assume that wave (4)
took the form of zigzag
pattern. On the minor wave level, the instrument formed a bullish wedge
pattern inside wave 1
pattern inside wave 2
. In the future, the Index is expected to start moving upwards inside the third wave.
Oil finished wave (4)
; yesterday the price started forming the fifth wave. I have already opened two sell orders and may add several more later. The first target for the bulls is at the level of $111 per barrel of Light Sweet.
More detailed wave structure is shown on the H1 chart. We may assume that wave (4)
took the form of double zigzag
pattern. On the minor wave level, the instrument is forming an initial impulse inside wave 1
. The forecast remains bullish.
RoboForex Analytical Department