Analysis for July 8th, 2013
It looks like the bulls started pushing the price upwards inside the third wave. Earlier the Index completed zigzag
pattern inside wave 
. There is a possibility that the instrument may break the historic maximum during this week.
More detailed wave structure is shown on the H1 chart. After finishing flat
pattern inside wave (2)
, the price started forming an extension
inside the third wave. The instrument may continue moving upwards inside wave 3
during the day.
Oil is still moving upwards quite fast. Last week the price completed an extension
inside wave (3)
and then started a correction. Later the instrument is expected to start a new ascending movement inside wave 5 of (3)
As we can see at the H1 chart, Oil is moving inside an ascending channel. Most likely, the price will complete the fourth wave near the channel’s lower border. I planned to enter the market at the best possible price, that’s why I’ve placed a limit buy order..
RoboForex Analytical Department