Analysis for March 6th, 2013
The Index continues moving upwards. Yesterday the bulls reached a new historic maximum and may continue pushing the price upwards. The current chart structure implies that the instrument may continue growing up inside wave 5
towards the level of 13400, at least.
As we can see at the H1 chart, the instrument is expanding
. On the minor wave level the price is forming the fourth wave. Later, the Index is expected to finish a local correction and may start a new ascending movement inside wave 5 of (3).
We may assume that the instrument is still forming the third wave. Currently the market is being corrected, but the price may start moving downwards again any minute. The short-term target for the bears is the level of $89 per barrel of Light Sweet.
More detailed wave structure is shown on the H1 chart. We may assume that the price is finishing the fourth wave inside wave 5
. During Wednesday Oil may start falling down and form wave 
RoboForex Analytical Department