Analysis for November 21st, 2013
Index started correction. Probably, right now price is forming ascending impulse in wave  of 1
. On minor wave level, after completing the fourth wave, instrument is expected to continue growing up inside the fifth one.
More detailed new wave structure is shown on H1 chart. It looks like wave (4)
is taking the form of flat
pattern with wave C inside it. Possibly, instrument may reach new maximum until the end of the week.
Oil continues consolidating. Probably, after completing wave (4)
, market started falling down inside the fifth one. I have two sell orders and plan to move stop into the black after instrument breaks minimum.
As we can see at the H1 chart, wave (4)
was finished in the form of horizontal triangle
pattern. Right now, Oil is forming diagonal triangle
pattern inside the fifth wave, in which price is forming descending wave 3
. During the day, instrument is expected to continue falling down.
RoboForex Analytical Department