Analysis for May 21st, 2014
Probably, Index completed flat
pattern inside wave (2)
. On minor wave levels, price is forming first initial impulses inside the third wave. Possibly, instrument may reach new maximums during the next several weeks.
As we can see at the H1 chart, yesterday Index finished descending impulse inside wave C of (2)
. On minor wave level, price is starting to form initial ascending impulse 1
. Later, during local correction, I’m planning to start buying.
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 
More detailed wave structure is shown on H1 chart. Probably, price is forming extension
pattern inside wave (3)
. On minor wave level, Oil finished the third wave. Later instrument is expected to complete the fourth wave and start growing up inside the fifth one.
RoboForex Analytical Department