Analysis for September 20th, 2013
The Index is finishing wave (3)
inside diagonal triangle
pattern. Most likely, in the nearest future the price will start a new correction, which may be a deep one.
More detailed wave structure is shown on the H1 chart. It looks like wave 5
is taking the form of diagonal triangle pattern. The market may yet continue moving upwards for a while, but later it is expected to start a correction.
At the H4 chart, after completing triangle
pattern inside wave (4)
, Oil formed an initial ascending impulse. Right now, the market is being corrected. Most likely, during the next several the price will start growing up inside wave 3
As we can see at the H1 chart, wave 2
is taking the form of zigzag
pattern. The critical level here is the minimum of wave 1
. I’m planning to open a buy order after the price completes an initial ascending impulse.
RoboForex Analytical Department