Analysis for May 3rd, 2013
The Index continues forming diagonal triangle
pattern inside the fifth wave. On the minor wave level, the price is forming wave (3)
. Most likely, the instrument will reach a new historic maximum during the day.
As we can see at the H1 chart, wave 2
turned out to be quite short. It looks like the third wave is going to take the form of zigzag
pattern with wave A
inside it. Later the instrument is expected to complete wave B
and start moving upwards.
Well, after all Oil continued forming wave [B]
. We may assume that the current correction is taking the form of zigzag
pattern. During the next several days the instrument is expected to break a local maximum and reach the upper border of triangle
More detailed wave structure is shown on the H1 chart. After completing zigzag
pattern inside wave [B]
, the price made a reverse upwards. During a correction I opened a buy order with the target at the level of $95.50 per barrel of Light Sweet.
RoboForex Analytical Department