Analysis for November 20th, 2012
It looks like the Index is completing wave (2)
. Earlier the price formed a descending wedge
pattern inside wave 
. Most likely, the price will make a reverse in the nearest future and start forming a bearish wave (3)
More detailed wave structure is shown on the H1 chart. It looks like at the moment the instrument is forming flat
pattern inside wave (2)
. On the minor wave level the Index is growing up inside wave C
. The bulls may reach a new local maximum during the day, but later price is expected to start a new descending movement.
Oil continues forming wave (2)
. Earlier the price completed a descending wedge
pattern inside the first wave. Most likely, the price will start a new descending movement inside wave (3)
in the nearest future. However, considering quite a strong correction, which is taking place right now, I’ve decided to open only a sell order.
As we can see at the H1 chart, price is forming an ascending zigzag
pattern with flat
pattern inside wave B.
Most likely, an impulse inside wave C
will be finished very soon. In the near term, we can expect the instrument to make a reverse and start forming a bearish wave 1
RoboForex Analytical Department