Analysis for August 7th, 2013
It looks like the Index is making a reverse; the price has already completed an ascending impulse inside wave 
. During a correction, I’m planning to open a short position, that’s why I’ve placed a limit order.
As we can see at the H1 chart, the price formed diagonal triangle
pattern inside wave (5)
. On the minor wave level, the Index is finishing an initial impulse inside wave (1).
Most likely, after completing wave (2)
, the instrument will start forming one more bearish wave.
In case of Oil, there are no signs of a reverse right now. We can’t exclude a possibility that the price may continue moving upwards inside wave (5).
After the price forms a bullish impulse, I’m planning to open one more buy order.
More detailed wave structure is shown on the H1 chart. We may assume that wave (4)
took the form of doublezigzag
pattern. After completing a local correction, the price is expected to start growing up inside wave 3 of (5)
RoboForex Analytical Department