Analysis for November 29th, 2012
Yesterday the Index started a new corrective movement. The bulls broke a local maximum while forming wave (C)
. In the future the price is expected to continue growing up and may reach the level of 13200 within the next several days.
After completed a short
impulse inside wave (A),
the price started forming zigzag
pattern inside wave (B)
. At the moment the market is growing up inside wave 3 of (C)
. During the day the instrument may move upwards for about 100 pips.
It looks like the market started forming a bearish wave (3)
. At the moment a local correction is taking place. Most likely, in the nearest future the price will continue moving downwards while forming the third wave.
As we can see at the H1 chart, after completing zigzag
pattern inside wave 2,
the price started falling down again. There is a possibility that the instrument may continue moving downwards during Thursday. The target is still at the level of $75 per barrel of Light Sweet.
RoboForex Analytical Department