Analysis for September 18th, 2013
The Index continues forming diagonal triangle
pattern. On the minor wave level, the price is forming the third wave. We can’t exclude a possibility that during the next several days the instrument may break the maximum of wave (1)
and reach the pattern’s upper border.
As we can see at the H1 chart, the Index is forming wave (3)
with wave 4
inside it. The market is about to start the fifth wave. It looks like the price is going to continue moving upwards until the end of the week.
We may assume that Oil is completing diagonal triangle
pattern inside wave (4)
. On the minor wave level, the price finished wave E
. During the next several days, the instrument is expected to form an initial ascending impulse.
More detailed wave structure is shown on the H1 chart. The price is completing zigzag
pattern inside wave E
. I’ve got only one buy order; I’ll move the stop into the black as soon as possible.
RoboForex Analytical Department