Analysis for April 9th, 2014
Possibly, wave (2)
took the form of flat
pattern. Index hasn’t reached stop on my buy order, and if price starts moving upwards, I’ll increase my long position. However, if current correction continues, I’ll stay out of the market until it finishes.
More detailed wave structure is shown on H1 chart. Probably, earlier Index formed bullish wedge
pattern inside wave (1)
. On minor wave level, market completed bearish impulse inside wave C
. in the near term, instrument is expected to start growing up inside the first wave.
Oil is still being corrected, just as we expected. Take Profit on my buy order worked and I decided to open one more with tight stop during correction. However, bears may return to the market quite soon and start new descending movement inside the third wave.
As we can see at the H1 chart, Oil is forming impulse inside wave (C)
. Earlier price completed zigzag
pattern inside wave (B)
. Most likely, during Wednesday instrument may reach new maximum and reverse downwards.
RoboForex Analytical Department