Analysis for October 30th, 2012
The Index continues a corrective movement. It looks like wave 
is taking the form of double zigzag
pattern. Most likely, the instrument will start a local correction in the nearest future, after which we can expect the price to continue moving downwards inside wave (Y).
More detailed structure of an impulse inside wave A
is shown on the H1 chart. On the minor wave level the Index is finishing diagonal triangle
pattern inside wave 
. The instrument may break a local minimum on Tuesday.
A descending movement is slowing down a bit. It looks like Oil is about to finish zigzag
pattern inside wave 2
. The price may break a local minimum during the day, but later we can expect the instrument to start growing up.
As we can see at the H1 chart, diagonal triangle
pattern inside wave (5)
is almost finished. The bears can yet reach a new minimum, but they are very unlikely to push the market deep down. The target is at the level of $84.50 per barrel of Light Sweet.
RoboForex Analytical Department