Analysis for May 20th, 2014
Probably, Index completed flat
pattern inside wave (2)
. On minor wave levels, price is forming first initial impulse inside the third wave. Possibly, instrument may reach new maximums during the next several weeks.
More detailed wave structure is shown on H1 chart. Probably, Index finished descending impulse inside wave C
and then completed wedge
pattern inside wave 1
. Later, after local correction, instrument may start new ascending movement inside the third wave.
It looks like Oil is forming zigzag
pattern inside wave 2
. On minor wave level, price is about to finish wave [C]
. In the future, price is expected to reverse and start falling down inside initial wave 
As we can see at the H1 chart, price is forming diagonal triangle
pattern inside wave [C]
. On minor wave level, Oil is finishing the fifth wave. I opened short-term buy order with target placed on upper border of above-mentioned pattern.
RoboForex Analytical Department