Analysis for February 5th, 2014
Index is still moving downwards. It looks like right now price is forming bearish impulse inside wave [C]
. In the near term, market is expected to fall down inside the fifth wave. Instrument may reach new local minimum during the day.
More detailed wave structure is shown on H1 chart. It looks like price is extending
the third wave inside wave 5
. Later instrument is expected to start local correction inside wave 
Probably, Oil completed wave (2)
. On minor weave level, market is forming initial descending impulse. During the next several hours, instrument may start falling down again inside wave 1
As we can see at the H1 chart, Oil formed diagonal triangle
pattern inside wave C
and then completed wedge
pattern inside wave 1
. After completing local correction, instrument is expected to start falling down inside the third wave.
RoboForex Analytical Department