Analysis for October 15th, 2013
The Index continues forming an ascending correction. It looks like wave B
is taking the form of zigzag
pattern. Most likely, in the nearest future the price will complete an impulse inside wave [C] of B
More detailed wave structure is shown on the H1 chart. The price formed the fourth wave inside wave [C]
and right now is starting a new ascending movement inside the fifth one. The market may reach new maximums during the day.
Oil still hasn’t been able to make a reverse. We can’t exclude a possibility that the current correction may yet continue and the price may break the minimum. During a pullback, I opened a short-term sell order.
As we can see at the H1 chart, the price continues forming diagonal triangle
pattern inside wave [C]
. On the minor wave level, the instrument completed wave (4)
and right now is moving downwards inside the fifth one. If Oil rebounds from the pattern’s lower border, the market may reverse upwards.
RoboForex Analytical Department