Wave Analysis 11.01.2013 (DJIA Index, Crude Oil)


Analysis for January 11th, 2013

DJIA Index

The Index continues moving upwards, the price is still forming double zigzag pattern inside wave [2]. Most likely, in the nearest future the instrument will start a new ascending movement. The target for the bulls is the level of 13500.

More detailed wave structure is shown on the H1 chart. We may assume that the Index formed an initial ascending impulse inside wave [3]. During a correction I opened an additional buy order. During the day the instrument may reach a new local maximum.

Crude Oil

Yesterday the bulls reached a new local maximum. During the day the price may form one more ascending wave. Later, there is a strong possibility that the instrument may reverse and start falling down inside the first wave.

As we can see at the H1 chart, the instrument completed a short wave 3 on Thursday. Currently Oil is being corrected inside the fourth wave. Most likely, during the next several hours the price will start a new ascending movement inside wave 5 of (5).

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.