Analysis for January 17th, 2013
We may assume that the Index completed double zigzag
pattern inside wave 
. On the minor wave level the price is starting an initial wave 1
. Most likely, during the next several days the price will continue falling down.
As we can see at the H1 chart, wave C
was completed in the form of diagonal triangle
pattern. Yesterday the instrument finished wave 
and started moving downwards inside the third one. There is a possibility that the Index may break a local minimum during the next several hours.
It looks like the price is finishing an ascending wave C;
this bullish impulse needs one more ascending wave to be completed. We can’t exclude a possibility that the instrument may break a local maximum during the day. Later Oil is expected to make a reverse and start falling down inside wave 1
As we can see at the H1 chart, the instrument is forming diagonal triangle
pattern inside wave . On the minor wave level the market is forming the fifth wave. Most likely, in the nearest future the price will continue moving upwards. The target for the bulls is at the level of $95 per barrel of Light Sweet
RoboForex Analytical Department