Analysis for May 21st, 2013
The Index continues forming a bullish impulse inside wave 
. On the minor wave level, the price is forming the fifth wave. In order to complete the whole structure, the instrument needs several more waves. We can’t exclude a possibility that the bulls may test the maximum, but later the Index is expected to start a correction.
More detailed wave structure is shown on the H1 chart. It looks like the price is forming diagonal triangle
pattern inside wave (5)
. After completing the fourth wave, the Index is expected to start forming a final bullish impulse.
On the minor wave level, after completing zigzag
pattern inside wave 2
, the price formed an initial impulse. We may assume that right now Oil is starting the third ascending wave. I’m keeping two buy orders and planning to open several more later.
As we can see at the H1 chart, after the instrument had completed wave 
, the bulls are back to the market. In the future, the price is expected to complete a local correction and then break the maximum. The bulls may reach the level of $98 per barrel of Light Sweet while forming the third wave.
RoboForex Analytical Department