Analysis for October 16th, 2013
We may assume that the Index finished wave B
in the form of zigzag
pattern; earlier the price formed a bearish impulse inside wave A
. We can’t exclude a possibility that in the nearest future the instrument may form an initial impulse inside wave 
As we can see at the H1 chart, yesterday the price formed a bullish impulse inside wave [C]
. On the minor wave level, the Index completed an initial impulse inside wave (1)
. After finishing a local correction, the market is expected to start falling down inside the third wave.
Oil is about to finish double three
pattern inside wave (4)
. It looks like the price is going to reach a new minimum during the day. Later the instrument is expected to start growing up while forming wave 1
More detailed wave structure is shown on the H1 chart. Wave [C]
is taking the form of diagonal triangle
pattern with the fifth wave inside it. The market may continue moving downwards during the day.
RoboForex Analytical Department