Analysis for August 13th, 2013
The Index is trying to start a new ascending movement. It looks like the market has already completed wave (4)
and right now is about to start the fifth one. We can’t exclude a possibility that the price may break the previous maximum during this week.
More detailed wave structure is shown on the H1 chart. Wave (4)
was completed in the form of double three
pattern. On the minor wave level, the price is forming an initial bullish impulse. In the near term, the instrument is expected to continue moving upwards.
Oil is also trying to start a new ascending movement. We may assume that the price is starting to grow up inside the fifth wave. After completing a local correction, the instrument may continue moving upwards and break the maximum of wave (3)
As we can see at the H1 chart, wave (4)
was finished in the form of zigzag
pattern. On the minor wave level, the price completed an impulse inside wave 1
. During the day, the instrument is expected to continue moving upwards inside a bullish wave 3 of (5)
RoboForex Analytical Department