Analysis for November 28th, 2012
It looks like after completing a descending wedge
pattern inside wave ,
the Index is forming zigzag
pattern inside the second one. On the minor wave level the price is being corrected inside wave (B)
. Most likely, the instrument will continue growing up while forming wave (C) of 
As we can see at the H1 chart, wave 5
was completed a bit short
. At the moment the price is forming a descending impulse inside wave A
. Most likely, the instrument will continue its corrective movement during the next several days.
It looks like the market is starting wave (3). Earlier Oil
finished a descending wedge
pattern inside the first wave and completed a local correction. One of these days the instrument may break a local minimum and the bears will continue pushing the price towards the level of $75 per barrel of Light Sweet.
More detailed wave structure is shown on the H1 chart. We may assume that earlier wave 2
was completed in the form of zigzag
pattern. At the moment the instrument is forming initial descending waves inside the third one. The forecast is still bearish.
RoboForex Analytical Department