Analysis for October 14th, 2013
The Index continues forming wave B
in the form of zigzag
pattern. On the minor wave level, the price is forming wave [B]
. After completing a local correction, the instrument may start a new ascending movement inside wave [C] of B
More detailed wave structure is shown on the H1 chart. Last week, the price formed a bullish impulse inside wave [A]
. The market may fall down inside wave (C) of [B]
during the day, but later the instrument is expected to start moving upwards inside wave [C]
Last Friday, Oil reached a new minimum. We can’t exclude a possibility that the price finished wave (4)
. If later the instrument forms an initial impulse, the bulls will return to the market.
As we can see at the H1 chart, the price formed diagonal triangle
pattern inside wave [C]
. It looks like right now the instrument is forming an impulse inside wave 
. Oil may continue moving upwards during the day.
RoboForex Analytical Department