Analysis for November 27th, 2012
It looks like the Index may continue a corrective movement for a little longer that I expected. At the moment the price is finishing an ascending impulse inside wave (A)
. In the future we can expect the start of a local correction.
More detailed wave structure is shown on the H1 chart. Yesterday the instrument formed the fourth wave. Most likely, the price will break the maximum while forming wave 5 of (A)
during the day. During the correction I’ve decided to open a short-term buy order.
The market is still consolidating. Last week the price finished the second wave. We can’t exclude a possibility that one of these days the instrument may continue moving downwards and break a local minimum. The target for the bears is at the level of $75 per barrel of Light Sweet.
As we can see at the H1 chart, an impulse inside wave 1
was completed a bit short. Earlier wave (2)
was finished in the form of zigzag
pattern. In the near term, the instrument is expected to start a new descending movement inside the third wave.
RoboForex Analytical Department