Analysis for September 7th, 2012
I’ve decided to correct the current chart structure a bit, ‘cause there were too many initial waves on it. It looks like at the moment the price is forming an ascending impulse inside wave 
. In the near term, the price may continue moving upwards inside wave (5)
, but later we can expect the correction.
As we can see at the H1 chart, the price is forming wave 3 of (5)
. Most likely, the local correction will be finished soon and the Index will continue growing up and form wave 5
. Later we can expect a new correction inside wave 
Yesterday the price continued the corrective movement. After the price had broken the local maximum, I moved the stop on buy order into the black and it worked. We may assume that the instrument has completed zigzag
pattern inside wave (B)
. In the future, we can expect the price to form wave (C)
and reach a new local minimum.
After completing wave (B)
, the price formed an initial descending impulse inside wave 1
. Earlier the instrument finished wedge
pattern inside wave (A)
. In the near term, the price may beak the local minimum.