Analysis for August 21st, 2013
The Index continues forming an impulse inside a bearish wave [A]
. On the minor wave level, the market is about to finish wave (3)
. Most likely, in the nearest future the Instrument will start a correction.
More detailed wave structure is shown on the H1 chart. The price is completing the third wave inside wave 3
. There is a possibility that the instrument may reach new minimums during the day, but later it is expected to start a new correction inside wave 4
The formation of wave 2
is taking too much time. Earlier the price finished wave (4)
. The forecast is still bullish: the instrument is expected to start moving upwards inside wave 3 of (5)
As we can see at the H1 chart, wave (4)
took the form of zigzag
pattern. On the minor wave level, Oil completed wedge
pattern inside wave 1
. We can’t exclude a possibility that the instrument may finish forming wave 2
during the day.
RoboForex Analytical Department