Analysis for November 1st, 2012
The Index continues a corrective movement. It looks like wave 
is taking the form of double zigzag
pattern. On the minor wave level the instrument is forming zigzag
pattern inside wave (Y)
. We can’t exclude a possibility that the price may reach a new local minimum in the nearest future.
As we can see at the H1 chart, wave B
took the form of quite a rare wave pattern, divergent horizontal triangle.
On the minor wave level the Index formed a descending impulse inside wave [A]
. Later we can expect the price to start growing up and form wave  of C
It looks like Oil finished zigzag
pattern inside wave 2
. On the minor wave level the price is starting to form an ascending impulse inside wave 
. Most likely, in the nearest future the instrument will continue moving upwards.
More detailed wave structure is shown on the H1 chart. We may assume that the price formed wedge
pattern inside wave (1)
. A local correction was completed, so we can expect the price to start growing up inside the third wave during the day.
RoboForex Analytical Department