Analysis for February 15th, 2013
It looks like the Index is still forming diagonal triangle
pattern inside the fifth wave. In the nearest future the instrument is expected to start moving upwards again. The price may break a local maximum during Friday.
More detailed wave structure is shown on the H1 chart. Yesterday the price formed the second wave inside diagonal triangle
pattern. Most likely, in the nearest future the instrument will continue moving upwards inside wave C of (3)
The situation hasn’t changed. After forming an initial impulse inside wave (1),
the price started a correction. I think Oil may continue forming the second wave for a little more and then start the third one. The bulls may break the level of $100 per barrel of Light Sweet very soon.
The fourth wave was completed in the form of zigzag
pattern; the bulls formed an ascending impulse. At the moment a local correction is taking place and it may continue in the nearest future.
RoboForex Analytical Department