Analysis for November 19th, 2012
The Index completed a descending wedge
pattern. After finishing a local correction, the price formed an initial impulse inside wave (1)
. The short-term forecast is shown on the chart. Later the instrument is expected to start falling down inside the third wave.
More detailed wave structure is shown on the H1 chart. It looks like at the moment the Index is forming flat
pattern with wave C
inside it. The price is expected to start a new descending movement during the day.
Oil formed a bearish wedge
pattern. At the moment the instrument is completing the second wave. We can’t exclude a possibility that the price may start a new descending movement inside the third wave during the next several days. However, while a local correction is taking place, I’ve decided to open only a sell order.
As we can see at the H1 chart, price is forming wave (2)
in the form of zigzag
pattern. On the minor wave level the price completed wave B
in the form of flat pattern. The instrument may continue growing up a bit during Monday, but later it is expected to make a reverse.
RoboForex Analytical Department