Analysis for September 16th, 2013
We may assume that the Index completed zigzag
pattern inside wave [B]
. On the minor wave level, the price formed a fast bullish impulse inside wave (C)
. I’m planning to start selling only after the price completes an initial descending wave.
As we can see at the H1 chart, the length of wave (C)
was exactly 261.8% of wave (A)
. On the minor wave level, the instrument completed the fifth wave. There is a possibility that the Index may start moving downwards inside wave 1
It looks like the market is still forming diagonal triangle
pattern. After rebounding from the pattern’s lower border, the price started growing up and forming the third wave. There is a possibility that Oil may break the maximum during the day.
More detailed wave structure is shown on the H1 chart. It looks like the price completed wave [B] inside the third one. I’m planning to open several more sell orders if the price continues forming an ascending impulse inside wave [C]
RoboForex Analytical Department