Analysis for May 28th, 2014
Index, after completing wave (2)
in the form of flat
pattern, started growing up inside the third one. Most likely, market may reach new historic maximum during the next several days. After finishing wave (3)
, instrument may start more serious correction.
As we can see at the H1 chart, after finishing wave 2
, Index is moving upwards inside the third one with target at level of 16800. I’ve got two buy orders so far, but in the future I’m planning to add several more.
Oil is completing wave 2
. On minor wave level, price is finishing wave [C]
. In the near term, market may move upwards a bit, but later it is expected to reverse and start forming initial descending impulse.
More detailed wave structure is shown on H1 chart. Probably, price finished the fourth wave inside wave (3)
and right now is growing up inside the fifth wave. Most likely, make reach new maximum during Wednesday and then even start new correction.
RoboForex Analytical Department