Analysis for November 1st, 2013
The Index is still forming an ascending impulse with the fourth wave inside it. In the near term, the price is expected to start a new ascending movement inside wave  of 1
. The instrument may break the maximum in the nearest future.
More detailed wave structure is shown on the H1 chart. We may assume that the price is forming zigzag
pattern wave 
. The instrument may complete wave (C)
during the day.
The bears continue forming a descending impulse inside wave [A]
; the price moved very close to the local minimum. Most likely, the instrument will start a new correction next week.
As we can see at the H1 chart, the instrument is finishing the short fifth wave inside wave 5
. Earlier the price rebounded from the channel’s upper border and finished the fourth wave. There is a possibility that the instrument may reach a new minimum before the end of the day.
RoboForex Analytical Department