Analysis for September 12th, 2013
The chart current structure chart implies that the Index completed an ascending zigzag
pattern inside wave [B]
. Earlier the price formed a bearish impulse inside wave [A].
During the next several hours, the instrument is expected to start falling down inside an initial wave (1)
More detailed wave structure is shown on the H1 chart. We may assume that the price finished an impulse inside wave (C).
On the other hand, there is a possibility that the Index may form an extension
inside wave 5
, that’s why I’ll open a sell order only after the price completes a bearish impulse inside wave 1
We can’t exclude a possibility that the market finished the second wave inside diagonal triangle
pattern. Right now, the market is trying to start a new ascending movement inside wave 3
. If the bulls are able to continue pushing the price upwards, I’ll increase my long position.
As we can see at the H1 chart, the price formed zigzag
pattern inside wave 2
. On the minor wave level, the instrument completed a short initial ascending impulse. I’ll move the stop into the black as soon as the price breaks a local maximum.
RoboForex Analytical Department