Analysis for October 17th, 2012
The chart structure confirms that the Index completed zigzag
pattern inside wave 
. It looks like the price continues forming an ascending impulse inside wave (1)
. The market may break a local maximum before the end of the week.
As we can see at the H1 chart, after completing diagonal triangle
pattern inside wave 5 of (C)
, the price formed an initial impulse inside wave 1.
During the day we can expect the instrument to start moving upwards and form wave 3 of (1)
We may assume that Oil completed zigzag
pattern inside wave 2
. At the moment the price is forming divergent wedge
pattern inside the first one on the minor wave level. The instrument may continue moving upwards in the nearest future and break a local maximum before the end of the week.
At the H1 chart we can see that the price is starting to form an ascending impulse inside wave 3
. Earlier Oil completed diagonal triangle
pattern inside wave C of (4).
The bulls may reach the level of $95 per barrel of Light Sweet within the next several days.
RoboForex Analytical Department