Analysis for January 21st, 2013
Last Friday I discussed a reconsidered chart structure of the Index. It looks like the price is still forming an ascending impulse inside wave [C]
. Most likely, in the nearest future the instrument will start growing up again. The target for the bulls is the level of 13800.
As we can see at the H1 chart, the Index is expanding
the third wave. On the minor wave level the instrument started forming wave 4
. After a local correction, the price is expected to continue moving upwards inside wave 5 of (3)
We may assume that Oil completed an ascending impulse inside wave C
. In the nearest future, the instrument is expected to start forming an initial descending impulse. The first target for the bears is the level of $92 per barrel of Light Sweet.
We can’t exclude a possibility that the instrument finished diagonal triangle
pattern. On the minor wave level the market is forming an initial descending impulse. If the descending trend continues, I’ll try to open some sell orders.
RoboForex Analytical Department