Analysis for January 9th, 2014
Index is still being corrected; probably, price may complete wave 
during the day. Most likely, during the next several hours instrument will start growing up and forming bullish impulse inside wave (1) of 
More detailed wave structure is shown on H1 chart. It looks like wave 
is taking the form of double zigzag
pattern. Possibly, in the nearest future instrument may reach new minimum, but later bulls are expected to continue ascending trend.
Oil reached new minimums. It looks like price is finishing descending impulse inside wave (1)
. Later, instrument is expected to start new correction and then form the third wave.
As we can see at the H1 chart, Oil is forming diagonal triangle
pattern inside wave 5
. In order to complete this wave pattern, price needs to form several more bearish waves, which may be completed by the end of this week.
RoboForex Analytical Department