Wave Analysis 09.01.2013 (DJIA Index, Crude Oil)


Analysis for January 9th, 2013

DJIA Index

The price continues forming double zigzag pattern inside wave [2]. At the moment the Index is being corrected, but may start a new ascending movement in the nearest future. The short-term target for the bulls is at the level of 13600.

At the H1 chart we can see that the Index is finishing wave B. On the minor wave level the price started forming an initial ascending impulse. The instrument is expected to break a local maximum during the day.

Crude Oil

Oil is still consolidating; we can’t exclude a possibility that the price may break a local maximum on Wednesday. Later, the instrument is expected to make a reverse and start forming a descending impulse inside wave 1.

As we can see at the H1 chart, yesterday the instrument formed an initial impulse inside wave (5). Most likely, in the nearest future the price will start a new ascending movement. The target for the bulls is at the level of $95 per barrel of Light Sweet.

RoboForex Analytical Department


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.