Analysis for January 7th, 2014
Possibly, Index has been able to form only the first wave inside wave 3
. In this case, in the nearest future market is expected to form initial ascending impulse and start significant ascending movement inside wave 
As we can see at the H1 chart, new wave structure implies that price extended
the fifth wave inside wave 
. Possibly, wave 
is taking the form of double zigzag
pattern. In the nearest future, instrument is expected to complete current correction and continue moving upwards.
After completing zigzag
pattern of wave [B]
, market started moving downwards inside the first wave. It looks like Oil may start new correction in the nearest future, but frankly speaking, wave (2)
is quite unlikely to be very long.
More detailed wave structure is shown on H1 chart. Market continues falling down inside wave 5 of (1)
. Current chart structure
implies that price may continue moving downwards and break minimum during the next several hours.
RoboForex Analytical Department