Analysis for October 25th, 2012
The Index continues a corrective movement. It looks like the price is forming double zigzag
pattern inside the second wave. On the minor wave level the instrument is forming zigzag
pattern inside wave (Y).
The Index may continue moving downwards after finishing the correction.
We may assume that yesterday the price completed an impulse inside wave A
. There is a possibility that in the nearest future the instrument may start an ascending correction. Taking into consideration the current situation, I’m staying out of the market.
It looks like Oil is finishing zigzag
pattern inside wave 2. There is a possibility that the price may reach a new minimum, but in general the correction is almost completed. The bears may try to test the level of $84 per barrel of Light Sweet.
More detailed structure of an impulse inside wave [C]
is shown on the H1 chart. It looks like the price is forming diagonal triangle
pattern inside the fifth wave. During Thursday we can expect the instrument to start falling down again.
RoboForex Analytical Department