Analysis for November 2nd, 2012
It looks like the Index continues a corrective movement, wave 
is taking the form of double zigzag
pattern. Later we can expect the price to continue moving downwards and form a bearish wave (Y)
At the H1 chart the price is forming zigzag
pattern inside wave B.
On the minor wave level the Index is forming an impulse inside wave [C]
. The instrument may continue growing up a little bit during Friday, but later it is expected to start moving downwards.
We may assume that Oil finished zigzag
pattern inside wave 2
. On the minor wave level the price is forming an ascending impulse inside wave 
. Most likely, the instrument will continue moving upwards on Friday.
As we can see at the H1 chart, after completing in impulse inside wave [C]
, the price formed an initial wedge
pattern. Yesterday the instrument started forming the third wave. There is a possibility that the market may reach the level of $90 per barrel of Light Sweet within the next several days.
RoboForex Analytical Department