Analysis for May 23rd, 2013
Just as we expected, the Index finally started a correction. The price completed an ascending impulse inside wave 
. We can’t exclude a possibility that on the minor wave level the instrument is forming an initial descending wave. In my opinion, after a short pause the bears will start pushing the price downwards.
More detailed wave structure is shown on the H1 chart. Earlier the price completed a bullish impulse inside wave (5)
. It looks like right now the Index is starting the fourth wave inside wave (1)
. After a local correction, the instrument is expected to start a new descending movement.
We may assume that Oil is forming flat
pattern inside wave 2
(with a descending impulse (C)
inside the pattern). In the future, the instrument is expected to complete a local correction and start growing up inside the third wave. I’m not planning to open buy orders until the price completes an initial impulse.
As we can see at the H1 chart, the instrument is finishing the third wave inside wave [C]
. After completing the fourth wave, the price is expected to continue moving downwards while forming the fifth one.
RoboForex Analytical Department