Analysis for July 15th, 2013
The Index continues moving upwards; the instrument has almost reached the historic maximum and may break it during the week. I’m planning to enter the market by placing a limit buy order during the next correction.
More detailed wave structure is shown on the H1 chart. The market completed a bullish extension
inside wave 3.
A local correction may yet continue during Monday, but later the bulls are expected to continue pushing the price upwards.
After completing wave (3)
, Oil started a correction. It looks like the price is going to continue moving downwards inside the fourth wave. In the nearest future, the instrument may break the latest minimum. If later Oil forms an initial ascending impulse, it will be a signal to open buy orders.
We may assume that Oil is forming zigzag
pattern inside wave (4)
. On the minor wave level, the price is completing wave B
. Most likely, in the nearest future the instrument will start a new descending movement inside wave C of (4)
RoboForex Analytical Department