Analysis for August 6th, 2013
The Index is finishing an ascending impulse inside the fifth wave with wave (5)
inside it. There is a possibility that the instrument may reach several new maximums, but later is expected to make a reverse.
As we can see at the H1 chart, wave (4)
took the form of zigzag
pattern. On the minor wave level, the price finished an impulse inside wave 1
and right now is completing the second wave. During the next several hours, the instrument is expected to start moving upwards inside wave 3 of (5)
After making a fast ascending movement, Oil is being corrected. Earlier the price finished wave (4)
and right now is forming the fifth one. Most likely, the instrument will break the previous maximum during this week.
More detailed wave structure is shown on the H1 chart. We may assume that wave (4)
took the form of doublezigzag
pattern. After completing an impulse inside wave 1
, the market started a local correction. We can’t exclude a possibility that the price has already finished an initial impulse inside wave 3
and may continue moving upwards.
RoboForex Analytical Department