Analysis for October 28th, 2013
It looks like the Index is still forming an ascending zigzag
pattern inside wave B
. Earlier the price completed a bearish impulse inside wave A
. In the near term, the instrument is expected to continue moving upwards inside wave [C] of B
More detailed wave structure is shown on the H1 chart. We may assume that the price is forming the third wave inside wave [C]
. We can’t exclude a possibility that the Index may reach new maximums on Monday.
The bears continue forming an impulse inside wave [A]
. On the minor wave level, Oil is finishing the fifth wave. Most likely, in the nearest future the instrument will break the minimum and then start a new correction.
As we can see at the H1 chart, the instrument is finishing the fourth wave inside wave (5)
. I’m keeping my sell order with the target at the end of wave 5 of (5)
RoboForex Analytical Department