Analysis for August 19th, 2013
The Index continues forming a bearish impulse inside wave [A]
. On the minor wave level, the market is falling down inside the third wave. During the next several days, the instrument is expected to start a correction inside the fourth wave.
More detailed wave structure is shown on the H1 chart. After completing diagonal triangle
pattern inside wave (5)
, the market formed an initial descending impulse. Right now, the price is forming an extension
in wave (3)
with the third wave inside it. During the day, the market may reach new minimums.
Oil continues moving upwards inside wave (5) of [C]
. Earlier the price completed the fourth wave. Most likely, in the nearest future the instrument will break the maximum. After completing wave [C]
, the instrument is expected to start a deep correction.
As we can see at the H1 chart, wave (4)
took the form of zigzag
pattern; the market formed two initial impulses. During the day, the price is expected to start moving upwards inside wave  of 3
RoboForex Analytical Department