Analysis for September 6th, 2013
The Index is still being corrected. Earlier the price completed a bullish wedge
pattern inside wave (A)
. Most likely, after finishing wave (B)
, the instrument will start a local ascending movement inside wave (C) of [B]
More detailed wave structure is shown on the H1 chart. It looks like the price completed the fifth wave inside wave (A).
In the near term, the instrument is expected to moving downwards inside wave (B)
, but later it will start a new ascending movement inside wave (C) of [B]
After completing skewed triangle
pattern inside wave (4)
, the market formed an initial ascending impulse inside wave 1
. On Thursday, the price completed its local correction and started growing up inside the third wave. We can’t exclude a possibility that during the day the instrument may break the latest maximum.
As we can see at the H1 chart, wave E
took the form of zigzag
pattern. On the minor wave level, Oil formed two initial ascending impulses. During a local correction, I opened one more buy order.
RoboForex Analytical Department