Analysis for September 17th, 2013
The Index continued moving upwards and broke the maximum. Thus, we may assume that the instrument is forming wave 
in the form of diagonal triangle
pattern. If the price continues moving like this, we can expect a high volatility during the next several weeks.
More detailed wave structure is shown on the H1 chart. After completing wave (2)
, the Index is moving upwards fast inside the third one. We can’t exclude a possibility that the market may continue growing up for a while, but later it may start a new correction inside the fourth wave.
We may assume that wave (4) took the form of horizontal triangle
pattern. On the minor wave level, the price is finishing wave E
. If the instrument rebounds from the pattern’s lower border, Oil may start growing up again.
As we can see at the H1 chart, the price completed zigzag
pattern inside wave E
. I’ve opened a buy order, and if the price rebounds from the Super Trend, I’m planning to add several more. If the instrument forms an initial ascending impulse, the bulls will return to the market.
RoboForex Analytical Department