Wave Analysis 07.01.2013 (DJIA Index, Crude Oil)


Analysis for January 7th, 2013

DJIA Index

It looks like the price continues a corrective movement; the second wave is taking the form of double zigzag pattern. During the next several days the Index is expected to form wave B, after which the instrument may start a new ascending movement inside wave C of (Y).

More detailed wave structure is shown on the H1 chart. We may assume that the price finished an impulse inside wave A. After a local correction, which is taking place right now, the instrument is expected to make a final ascending movement.

Crude Oil

It looks like the price is finishing zigzag pattern inside wave (2); in order to complete it the instrument need to form one more ascending wave. During the week Oil is expected to break a local maximum.

As we can see at the H1 chart, the fifth wave is being expanded. During this correction I opened a short‑term buy order; I’ll move the stop on this order into the black as soon as possible.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.