Analysis for August 12th, 2013
We may assume that the Index is finishing wave (4)
. We can’t exclude a possibility that during the next several days the price may start forming the fifth wave and break the previous maximum. I’ve got only one buy order so far, but plan to add more in the future.
As we can see at the H1 chart, wave (4)
is taking the form of double three
pattern. On the minor wave level, the price formed an initial ascending impulse. In the near term, the instrument is expected to start forming an impulse inside wave 1
Oil started forming wave (5)
. If the bulls continue pushing the price upwards at the current speed, the instrument may break the maximum during this week. After completing an impulse inside wave [C]
, the price is expected to start a serious correction.
More detailed wave structure is shown on the H1 chart. After finishing zigzag
pattern inside wave (4)
, the price completed a bullish impulse inside wave 1
. Later, after finishing a local correction, the instrument is expected to continue moving upwards inside the third wave.
RoboForex Analytical Department