Analysis for January 29th, 2013
It looks like the Index is finishing an ascending diagonal triangle
pattern. On the minor wave level the price is forming zigzag
pattern inside wave 5
. The bulls may yet reach a new local maximum, but the instrument is likely to make a reverse very soon.
As we can see at the H1 chart, the Index is stopping moving upwards after completing diagonal triangle
pattern inside the fifth wave. In order to finish the whole structure the price needs several more ascending waves. However, during the next several days the bears may become more dominant at the market.
An impulse inside wave inside wave C
looks quite completed. On the minor wave level the price is forming an initial descending impulse. The instrument may start a new descending movement during the next couple of days.
It looks like after finishing wave 
in the form of diagonal triangle
pattern, the market formed a descending impulse inside wave (1)
. Most likely, in the nearest future Oil will start a new descending movement inside the third wave.
RoboForex Analytical Department