Analysis for August 26th, 2013
The Index continues forming a bearish impulse inside wave [A]
. On the minor wave level, the market is finishing the fourth wave. Most likely, during the day the instrument will start a new descending movement inside the fifth wave.
More detailed wave structure is shown on the H1 chart. After completing an extension
inside wave (3)
, the Index formed zigzag
pattern inside the fourth one. There is a possibility that in the nearest future the instrument may form an initial impulse inside wave 1
The bulls are returning to the market. Right now, Oil is in the middle of an ascending wave 3 of (5)
. In the near term, the price is expected to continue moving upwards and break the maximum of wave 1
As we can see at the H1 chart, wave (4)
took the form of zigzag
pattern, and then the price formed wedge
pattern inside wave 1
and a long zigzag
pattern inside the second one. During a local correction, I opened one more buy order and expect the instrument to continue moving upwards.
RoboForex Analytical Department