Analysis for August 29th, 2013
We may assume that the Index finished a descending impulse inside wave [A]
and right now is starting a correction. On the minor wave level, the market is forming an initial impulse inside wave (A)
More detailed wave structure is shown on the H1 chart. After completing a bearish impulse inside wave (5)
, the price formed the first bullish wave. During a local correction, I opened a short-term buy order.
Oil continues forming wave (5)
with the third wave inside it. After a local correction, the bulls may return to the market. We can’t exclude a possibility that the price is may break the previous maximum before the end of this week.
As we can see at the H1 chart, Oil is forming the fourth wave inside wave 3
. We can’t exclude a possibility that the instrument may start forming the fifth wave during the next several hours. I’ve got only two buy orders so far, but as soon as the price forms an initial ascending impulse, I’m planning to open one more order.
RoboForex Analytical Department