Analysis for May 7th, 2013
The Index continues forming an ascending impulse inside the fifth wave. On the minor wave level, the instrument is forming wave (3)
, the structure of which implies that the price may continue moving upwards. Most likely, the Index will break the maximum during the next several hours.
More detailed wave structure is shown on the H1 chart. Right now, the Index is forming the fourth wave inside wave (3)
. It looks like a local correction has already finished and the market is about to start a new ascending movement inside wave 5 of (3)
We can’t exclude a possibility that Oil may yet continue growing up inside wave 
. Earlier the instrument completed triangle pattern inside wave (B)
. There is a possibility that the price may reach new maximums during the next several days.
At the H1 chart, we can see that the market completed an ascending impulse inside wave (1)
. Currently the market is being corrected inside the second wave. Later Oil is expected to start a new ascending movement inside wave (3)
RoboForex Analytical Department