Analysis for November 15th, 2012
turned out to be quite short. It looks like the price is starting to form the third one. On the minor wave level the Index is forming an initial descending impulse. Later the instrument may start a local correction, but after it we can expect the price to start a strong descending movement.
More detailed wave structure is shown on the H1 chart. Wave 
took the form of zigzag
pattern. At the moment the Index is forming the fourth wave inside wave (1)
. We can’t exclude a possibility that during the next several hours the price may reach a new minimum while forming wave 5 of (1)
After completing a descending wedge
pattern inside wave (1)
, the instrument continued a corrective movement. We may assume that wave (2)
is almost finished. In the nearest future, we can expect Oil to start moving downwards again and form the third wave.
As we can see at the H1 chart, wave (2)
is taking the form of double three
pattern. Most likely, wave Y
will be finished during the day. However, the bears are expected to return to the market and break the minimum of wave (1)
RoboForex Analytical Department