Analysis for November 30th, 2012
The Index continues a corrective movement; it looks like wave 
is taking the form of zigzag
pattern. Earlier the price formed a descending wedge
pattern inside wave 
. In the near term, the instrument may continue growing up for a while, but later it is expected to start forming the third descending wave.
Yesterday, after completed zigzag pattern inside wave (B)
, the Index formed a bullish impulse. The market may be corrected for a while inside wave 2
, but later it is expected to start moving downwards inside the third one.
Oil also continues a corrective movement. We may assume that wave (2)
is taking the form of double zigzag
pattern. On the minor wave level the price is forming wave Y
. Most likely, in the nearest future the instrument will break a local maximum.
As we can see at the H1 chart, after completing zigzag
pattern inside wave B,
the price finished an ascending impulse inside wave [A]
. There is a possibility that on Friday the bulls may push the price up to a local maximum and even reach it. Later Oil is expected to start moving downwards again and form wave (3)
RoboForex Analytical Department