Analysis for May 16th, 2013
The Index continues moving upwards inside wave 
. Yesterday the price reached a new maximum. In order to complete the whole structure, the bulls need one more ascending wave, that’s why they may establish a new price record during the day.
More detailed wave structure is shown on the H1 chart. The instrument is forming the fourth wave inside wave (5)
. Most likely, the price will complete a local correction during the next several hours and the Index will continue growing up while forming wave 5 of (5)
It looks like wave 1
was completed with the short fifth wave inside it; the correction took the form of zigzag
pattern. On the minor wave level, Oil formed an initial ascending impulse. Later the price is expected to start growing up inside wave  of 3
As we can see at the H1 chart, wave [B] of 2
took the form of triangle
pattern. After completing wave [C],
Oil formed a bullish impulse inside wave (1)
. During Thursday, the price may start growing up inside the third wave.
RoboForex Analytical Department