Analysis for December 2nd, 2013
Bullish trend continues. It looks like right now price is finishing the fourth wave inside wave 
. In the near term, instrument may complete local correction and start new ascending movement inside wave (5) of 
More detailed new wave structure is shown on H1 chart. Probably, wave (4)
is taking the form of zigzag
pattern. Price may form another bearish wave during the day, that’s why I’ve placed limit buy order.
Considering that by now Oil has formed only three waves down
pattern, future descending movement is possible only in the form of diagonal triangle
pattern. During current correction, I opened sell order with stop placed at local maximum.
As we can see at the H1 chart, wave (4)
was completed in the form of zigzag
pattern. Later, instrument formed zigzag
pattern inside wave 1
of diagonal triangle
pattern, and right now is finishing the second wave. In the nearest future, price is expected to move downwards inside the third wave.
RoboForex Analytical Department