Analysis for October 1st, 2013
The Index continues forming an ascending diagonal triangle
pattern. We may assume that the market completed wave (4) and is about to start a new ascending movement inside the fifth one. I’m planning to open several buy orders as soon as the price starts forming an initial ascending impulse.
More detailed wave structure is shown on the H1 chart. Wave (4)
is taking the form of zigzag
pattern. The current chart structure implies that the price finished a short bearish impulse inside wave C
. It looks like the market has already started forming the first wave.
Oil is finishing double three
pattern inside wave (4)
. The price may yet break the minimum, but later it is expected to make a reverse. After that, the instrument may start a new ascending movement inside wave 1
As we can see at the H1 chart, the price is forming is forming diagonal triangle
pattern inside wave (5).
On the minor wave level, the instrument is finishing the fourth wave. The price is expected to start the fifth wave during the day.
RoboForex Analytical Department