Analysis for November 5th, 2012
The Index continues a corrective movement. It looks like the price is going to finish wave (Y)
very soon. Most likely, the instrument will reach a new local minimum during Monday.
As we can see at the H1 chart, at the end of the last week the price formed wave B
in the form of zigzag
On the minor wave level the Index finished an initial descending impulse. After completing a correction, the instrument is expected to start moving downwards inside the third wave.
Oil is still being corrected. We may assume that the price is finishing a descending impulse inside wave [C]
. We can’t exclude a possibility that the bears may reach a new local minimum on Monday.
At the H1 chart we can see that wave (4)
was completed in the form of flat
pattern. At the moment the price is moving downwards and forming wave (5)
. During the next several days oil is expected to continue falling down.
RoboForex Analytical Department