Analysis for August 5th, 2013
The Index continues moving upwards. It looks like right now the price is forming a bullish wave (5) of 
. The chart structure implies that the instrument may continue moving upwards and reach new maximums during the next several days.
As we can see at the H1 chart, wave (4)
took the form of zigzag
pattern. After finishing wedge
pattern inside wave 1
, the price started a new ascending movement. During the day, the instrument is expected to move upwards inside wave 3 of (5)
Oil is forming the fifth wave. Earlier the price finished the fourth wave and I opened my first buy order. During the correction, I opened an additional one. We can’t exclude a possibility that the price may reach a new maximum in the nearest future.
More detailed wave structure is shown on the H1 chart. Wave (4)
took the form of doublezigzag
pattern and then the price formed a bullish impulse inside wave 1
. Considering that wave 2
looks completed, the instrument is expected to start moving upwards inside the third one.
RoboForex Analytical Department