Yearly Analysis for 2013
While many people are expecting the Index to move downwards a lot, I try to stay positive. We may assume that over the last 4 years the Index has been forming an initial impulse inside wave (1)
. The year of 2013 may become a year of a correction. The target is approximately at the level of 11000 pips.
As we can see at the weekly chart, the price completed an ascending wedge
pattern inside wave (1)
. On the minor wave level the Index is forming a descending impulse inside wave A
. We can’t exclude a possibility that in the future the instrument may continue moving downwards.
After making a significant descending movement, Oil has been consolidating inside wave [B]
for several years already. We can’t exclude a possibility that the price may have already completed an impulse inside wave [C]
. This year the market may start a new descending movement towards a local minimum.
After finishing wave (E)
at the weekly chart, Oil completed a bearish wedge
pattern inside wave (1).
At the moment the instrument is finishing zigzag
pattern inside the second wave. Most likely, in the future the price will start forming a new descending movement inside the third wave.
RoboForex Analytical Department