Analysis for May 29th, 2013
We may assume that the Index completed an ascending impulse inside wave 5
. On the minor wave level, the price is forming an initial bearish impulse. In the near term, the instrument is expected to continue moving downwards inside wave (1)
At the H1 chart we can see, that the Index formed a descending impulse inside wave 1
. The second wave has almost reached the maximum. Later we can expect the price to start the third wave.
After completing the second wave in the form of flat
pattern, Oil started forming a bullish impulse inside wave 1
. Right now, the market is being corrected, but the buyers may start a new ascending movement quite soon.
At the H1 chart we can see, that the instrument started forming the fourth wave inside wave 
. A local correction may continue during Wednesday. Later the market may start moving upwards while forming the fifth wave.
RoboForex Analytical Department