Analysis for October 2nd, 2012
The price continues forming diagonal triangle
pattern inside wave (5) of 
. The market has rebounded from the pattern’s lower border. There is a possibility that the Index may break a local maximum during the next several days. The target is still at the level of 13700.
has been completed with diagonal triangle
pattern inside wave [C]
. We may assume that right now the price is forming an ascending impulse inside wave [A]
. In the near term, the instrument is expected to continue growing up and form the third wave.
We may assume that last week Oil finished wave 2
in the form of zigzag
pattern. At the moment the price is forming an initial ascending impulse. I’ve moved the stop on buy order into the black, just in case.
More detailed wave structure is shown on the H1 chart. We can’t exclude a possibility that the price started forming an extension inside wave (3)
. Most likely, Oil will continue growing up on Tuesday. The short-term target is at the level of $95.