Analysis for September 13th, 2013
The current chart structure chart implies that the Index completed an ascending zigzag
pattern inside wave [B]
. In the future, the instrument is expected to form an initial impulse inside wave (1)
. Right now, I’m staying out of the market and planning to open sell orders only after the price makes a reverse and starts falling down inside wave [C]
More detailed wave structure is shown on the H1 chart. It looks like the price finished an impulse inside wave (C).
We can’t exclude a possibility that the Index has already formed several short descending impulses and during the next several hours may continue forming wave 1
We may assume that the market continues forming diagonal triangle
pattern inside wave (5)
. On the minor wave level, the price is forming the third wave. There is a possibility that Oil may break the maximum during the next several days.
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 bullish impulse inside wave [A]
. After completing a local correction, the price may start growing up inside wave [C] of 3
RoboForex Analytical Department