Analysis for April 25th. 2013
It looks like the Index completed the fourth wave and then started the fifth one. The market may reach a new maximum during the next several days. The short-term target for the bulls is the level of 14950.
As we can see at the H1 chart, the fourth wave was completed in the form of double zigzag
pattern. On the minor wave level, the market formed an initial wedge
pattern inside wave (1)
. We may assume that a local correction has already finished, so the instrument may start forming the third wave quite soon.
Oil continues forming triangle
pattern with wave E
inside it. Currently the price is being corrected inside wave [B]
. Later we can expect the instrument to start a new descending movement while forming wave [C] of E
More detailed wave structure is shown on the H1 chart. The price completed a descending impulse inside wave [A]
and right now is finishing zigzag
pattern inside wave [B]
. In the nearest future, Oil is expected to start forming an initial descending wave.
RoboForex Analytical Department