Analysis for May 8th, 2013
The Index continues moving upwards. The current chart structure implies that the instrument completed wave (3)
. In this case, the price may start the fourth wave in the nearest future. However, the market right now is totally dominated by the bulls, so the Index may yet expand the third wave.
More detailed wave structure is shown on the H1 chart. Right now, the Index is finishing wave 5 of (3).
Yesterday my Take Profit worked, but during a correction I’m planning to open buy orders again, that’s why I’ve placed a pending limit order.
We can’t exclude a possibility that Oil is starting to expand wave 
. On the minor wave level, the instrument completed an initial impulse and right now is being corrected. In the meantime, the price may break the maximum during the next several days.
At the H1 chart, we can see that wave (2)
is taking the form of zigzag
pattern. In the near term, the market may continue falling down inside wave C
. Later Oil is expected to start a new ascending movement inside the third wave.
RoboForex Analytical Department