Analysis for October 24th, 2013
We may assume that the Index finished an ascending zigzag
pattern inside wave B
. On the minor wave level, the price completed diagonal triangle
pattern inside wave [C]
. In the near term, the instrument is expected to form an initial descending impulse.
As we can see at the H1 chart, after completing wave [C]
, the price formed a short bearish impulse. It looks like the Index is completing a local correction. On Thursday, the instrument is expected to start falling down inside wave (4) of 
Oil is still moving downwards; the market is falling down inside the fifth wave of wave [A]
. During a correction, I opened a short-term sell order. The instrument is expected to beak the minimum in the nearest future.
More detailed wave structure is shown on the H1 chart. The instrument is extending
the third wave inside wave (5)
. On the minor wave level, the price is completing the fourth wave and may start the fifth one during the day.
RoboForex Analytical Department