Analysis for January 4th, 2013
DJIA Index
We may assume that the Index is forming
double zigzag pattern inside wave
[2]. On the minor wave level the price finished an impulse inside wave
A. Most likely, after completing a local correction, the instrument will start a new ascending movement inside wave
C of (Y).
More detailed wave structure is shown on the H1 chart. It looks like the price started a correction inside wave
B. There is a possibility that the gap level may become a support one; the instrument may rebound from it and start forming a bullish wave
C.
Crude Oil
It looks like a correction continues; wave
(2) is taking the form of
zigzag pattern with wave
C inside it. In the near term, the price may grow up a little bit, but later Oil is expected to make a reverse and start a new descending movement inside the first wave.
As we can see at the H1 chart, wave
[5] is being
expanded. On the minor wave level the price finishing the fourth wave. The price movement is supported by the gap level; if the instrument rebounds from it, the price will start a new ascending movement inside the fifth wave.
RoboForex Analytical Department