Analysis for July 15th, 2014
Index continues growing up inside the fifth wave. Earlier price formed skewed triangle pattern inside the fourth wave. Most likely, after completing local correction, instrument will continue growing up towards new highs.
More detailed wave structure is shown on H1 chart. Probably, after rebounding from triangle’s lower border, price formed bullish impulse inside wave 1. Right now, Index is finishing extension inside wave 3, which may be followed by small correction inside wave 4 of (5).
Oil is expected to start new correction. it looks like price finally completed bearish impulse inside wave 1 or A. In the near term, instrument is expected to start local growth inside wave 2 or B.
As we can see at the H1 chart, yesterday price finished the fifth wave. On minor wave level, instrument is forming ascending impulses. Current correction may continue during Tuesday.