Analysis for September 6th, 2012
It looks like the price is forming an extension
inside wave 
. On the minor wave level the Index has completed wave (2)
. In the nearest future the price is expected to start growing up inside wave (3) of .
As we can see at the H1 chart, wave (2)
has been formed in the form of zigzag
pattern. The instrument has completed an initial wedge
pattern inside wave 1
. Most likely, the local correction will be finished son and the price will start growing up fast inside the third wave.
After finishing wave 
, the price has completed an initial ascending impulse. Wave (2)
may also have been already finished, which means that the price is going to start moving upwards inside the third wave. The price target is above $100 for p/b.
More detailed wave structure is shown on the H1 chart. It looks like at first the price formed zigzag
pattern inside wave (2)
and then completed an initial ascending impulse. The local correction may be finished during the day and the instrument is expected to start growing up inside wave 3