Analysis for September 2nd, 2013
The Index finished a bearish impulse inside wave [A]
and right now, the market is being corrected. Later, after completing wave [B]
, the instrument is expected to start a new descending movement inside wave [C]
More detailed wave structure is shown on the H1 chart. We may assume that the Index is forming zigzag
pattern inside wave [B]
. In the near term, the price is expected to complete wave (C)
and start forming an initial descending impulse.
We can’t exclude a possibility that Oil formed skewed triangle
pattern inside wave (4)
. On the minor wave level, the price completed wave E.
During the next several days, the market may form a bullish impulse inside wave 1
As we can see at the H1 chart, wave E
took the form of zigzag
pattern. The market rebounded from the triangle
’s lower border. After the instrument completes in initial impulse and then starts a new correction, I’m planning to open long positions.
RoboForex Analytical Department