Analysis for December 4th, 2013
It looks like Index started correction; price completed ascending impulse inside wave 1
. On minor wave level, instrument is forming bearish impulse inside wave [A]
. Price may continue falling down during the day.
More detailed new wave structure is shown on H1 chart. It looks like price is finishing the fourth wave inside wave (3)
, during which I opened short-term sell order. In the future, instrument is expected to start new descending movement inside wave 5 of (3)
Oil is also being corrected; price completed impulse inside wave [A]
, and during the next several weeks, we can expect local growth of price. In the near term, instrument may continue growing up inside wave (A)
As we can see at the H1 chart, instrument is forming the third wave. During local correction, I opened short-term buy order. Most likely, after short pause, bulls will continue pushing the market upwards.
RoboForex Analytical Department