Wave Analysis 17.01.2013 (DJIA Index, Crude Oil)


Analysis for January 17th, 2013

DJIA Index

We may assume that the Index completed double zigzag pattern inside wave [2]. On the minor wave level the price is starting an initial wave 1. Most likely, during the next several days the price will continue falling down.

As we can see at the H1 chart, wave C was completed in the form of diagonal triangle pattern. Yesterday the instrument finished wave [2] and started moving downwards inside the third one. There is a possibility that the Index may break a local minimum during the next several hours.

Crude Oil

It looks like the price is finishing an ascending wave C; this bullish impulse needs one more ascending wave to be completed. We can’t exclude a possibility that the instrument may break a local maximum during the day. Later Oil is expected to make a reverse and start falling down inside wave 1.

As we can see at the H1 chart, the instrument is forming diagonal triangle pattern inside wave [5]. On the minor wave level the market is forming the fifth wave. Most likely, in the nearest future the price will continue moving upwards. The target for the bulls is at the level of $95 per barrel of Light Sweet

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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.