Analysis for November 22nd, 2012
It looks like the Index is forming the second wave at the moment. A correction is taking the form of zigzag
pattern and may continue until the end of this week. Later the instrument is expected to make a reverse and start falling down inside the third wave.
As we can see at the H1 chart, inside wave (5)
there is a disproportion between the second and the fourth waves. Right now the price is completing wave (C)
. The bulls may reach a new local maximum during the day, but the instrument is very unlikely to make a significant ascending movement.
It looks like Oil is going to start a significant descending movement. Earlier this week the price finished wave (2)
. At the moment a local correction is taking place, after which the instrument is expected to start forming wave (3)
. The target for the bears is the level of $75 per barrel of Light Sweet.
More detailed wave structure is shown on the H1 chart. We can see that wave 1
was completed a bit reduced. Wave 2
may be finished until the end of this week. In the near term, Oil is expected to continue moving downwards inside the third wave.
RoboForex Analytical Department