Analysis for January 17th, 2014
Index is still being corrected. Earlier, after completing wave 
, price formed initial ascending impulse. In the near term, instrument is expected to finish the second wave and start moving upwards inside the third one.
As we can see at the H1 chart, wave (2)
is taking the form of zigzag
pattern. On minor wave level, price is completing wave B
. Probably, during the day instrument may reach new local minimum while forming wave C of (2)
It looks like Oil finished the second wave. Probably, the third wave will be as fast as impulse inside wave (1)
. I’ve got only one sell order so far, but I’m planning to increase my position after instrument forms initial impulse inside the third wave.
More detailed wave structure is shown on H1 chart. It looks like wave (2)
took the form of flat
pattern, after which bears formed initial descending impulse. In the near term, instrument is expected to continue forming wave 1
RoboForex Analytical Department