Analysis for September 11th, 2012
After completing wave (4)
, the price started forming the fifth one and broke the local maximum. The Index still may continue moving upwards in the nearest future, that’s why I’ve opened one more buy order during the correction. The target for the next several days is at the level of 13600.
As we can see at the H1 chart, wave (4)
has taken the form of zigzag
pattern. On the minor wave level the price has completed an initial impulse inside wave 1
. It looks like wave 2
might also have been finished and in the nearest future we can expect the Index to start growing up inside wave 3 of (5)
Oil continues moving inside quite a narrow trading range. We may assume that wave 
has been already completed. On the minor wave level the price has formed an initial ascending impulse. In the near term, we can expect the instrument to continue moving upwards inside wave (3) of 
After finishing the corrective movement inside wave (2)
, the price has completed an ascending impulse. Currently Oil is in the very beginning of wave 3
. In the future, we can expect the instrument to break the local maximum.