Analysis for October 23rd, 2012
The bears were able to break a critical level on Monday and we had to reconsider the chart structure. It looks like the Index is forming double zigzag
pattern inside wave 
. The instrument may continue moving downwards inside wave (Y)
during the next several days.
As we can see at the H1 chart, yesterday the price formed an impulse inside wave A
. Currently a local correction is taking place. We can’t exclude a possibility that the Index may start falling down and form wave C of (Y)
during the day.
Yesterday Oil continued forming wave [C] of 2.
There is a possibility that the price may break a local minimum within the next several hours.
The target for the bears is still at the level of $86.50 per barrel of Light Sweet.
More detailed wave structure is shown on the H1 chart. Wave [B]
took the form of double three
pattern. On the minor wave level the price is forming the third wave.
Most likely, Oil will continue moving downwards in the nearest future.
RoboForex Analytical Department