Analysis for August 23rd, 2013
The Index continues forming a descending impulse inside wave [A]
. On the minor wave level, the market started the fourth wave. Later the instrument is expected to start a new descending movement inside the fifth wave.
More detailed wave structure is shown on the H1 chart. Earlier the price completed a bearish impulse inside wave (3)
and started moving upwards inside wave (4)
. Most likely, on the minor wave level the instrument will continue growing up for a while inside wave C of (4)
, but later it is expected to start falling down again inside the third one.
We may assume that Oil is starting a new ascending movement inside wave 3 of (5). Earlier the price completed the second wave. The target for the next several weeks is at the level of $110 per barrel of Light Sweet.
As we can see at the H1 chart, wave 2
was completed in the form of zigzag
pattern. Right now, Oil is forming an initial ascending impulse inside wave 
. After a slight correction, the price is expected to start moving upwards inside the third wave.
RoboForex Analytical Department