Analysis for November 12th, 2012
We may assume that the Index finished forming double zigzag
pattern inside wave 
. There is a possibility that right now the instrument is making a reverse in an upward direction. The price may continue growing up towards the level of 13000 during the day.
More detailed wave structure is shown on the H1 chart. Wave C
took the form of diagonal triangle
pattern. On the minor wave level the Index completed wave 
, so we can expect the price to start moving upwards inside wave 
We may assume that zigzag
pattern inside wave 2
has been finally completed.
On the minor wave level the price is forming an initial ascending impulse. The market may grow up on Monday. I’ll move the stop on my buy order into the black as soon as possible.
As we can see at the H1 chart, wave (4)
was finished in the form of divergent horizontal triangle
pattern. It looks like at the moment the price is forming an ascending wedge
pattern. In the near term, Oil is expected to break a local maximum.
RoboForex Analytical Department