Analysis for July 5th, 2013
After completing zigzag
pattern inside wave 
, the Index formed an initial impulse inside wave (1)
. After a local correction, the market is expected to continue goring up. Most likely, the instrument will break the maximum while forming the third wave.
As we can see at the H1 chart, wave (2)
took the form of flat
pattern. On the minor wave level, the instrument is forming a bullish impulse inside wave 1
. There is a possibility that the instrument may form a local correction during Friday and then start moving upwards inside the third wave.
Oil is forming an extension inside wave (3)
with the third wave inside it. During a local correction, I opened a buy order with the target at the end of wave 3
. The instrument will break the maximum during the day.
More detailed wave structure is shown on the H1 chart. It looks like right now, the price is forming horizontal triangle
pattern inside wave  of 3
. Later I expect the instrument to start moving upwards inside the fifth wave.
RoboForex Analytical Department