Analysis for October 18th, 2012
It looks like the price continues forming an impulse inside wave (1)
. Earlier wave 
was completed in the form of zigzag
pattern. Most likely, the Index will continue growing up in the nearest future and break a local maximum very soon.
After completing an impulse inside wave (C)
, the price formed an initial ascending wave. Yesterday the instrument finished a local correction, during which I opened a short-term buy order. Later we can expect the Index to start moving upwards and form wave 3 of (1)
We may assume that at the moment Oil is forming divergent wedge
pattern inside wave 
. The bulls are trying to start moving the price upwards after it rebounded from the pattern’s lower border. There is a possibility that the instrument may break a local maximum during the next couple of days.
At the H1 chart we can see that the price formed an initial wedge
pattern inside wave (5)
. Most likely, the instrument will continue a corrective movement during the first half of Thursday. Later Oil is expected to start growing up and form the third wave.
RoboForex Analytical Department