Analysis for May 2nd, 2014
Index is still moving close to its historic maximums. Earlier, after completing double three
pattern inside wave 
, Index formed initial impulse inside wave 
. Possibly, market has already completed correction inside the second wave and may continue moving upwards.
As we can see at the H1 chart, Index finished zigzag
pattern inside wave (2)
. On minor wave level, price formed bullish impulse inside wave 1
. In the near term, instrument is expected to move upwards and form extension
inside wave 3
Oil continues falling down inside the third wave. Earlier price formed bearish impulse inside wave 1
and then completed wave 2
. In the near term, instrument is expected to continue falling down and break minimum of the first wave.
More detailed wave structure is shown on H1 chart. After finishing double zigzag
pattern inside wave 2
, Oil formed descending impulse inside wave 
. It looks like right now instrument is forming extension
inside wave 
. Price may reach new minimum during the day.
RoboForex Analytical Department