Wave Analysis 24.01.2013 (DJIA Index, Crude Oil)


Analysis for January 24th, 2013

DJIA Index

The Index continues moving upwards. Yesterday the bulls reached a new local maximum. Most likely, the market will continue growing up in the nearest future and reach the level of 13800 within the next couple of days.

At the H1 chart we can see that the price is forming the fourth wave. A local correction may continue during the day, but later the instrument is expected to start a new ascending movement inside wave (5) of [C].

Crude Oil

We can’t exclude a possibility that Oil completed wave (2) in the form of zigzag pattern. On the minor wave level the price is starting to form an initial wave [1]. Most likely, in the nearest future the instrument will continue moving downwards.

More detailed wave structure is shown on the H1 chart. Wave [5] was finished in the form of diagonal triangle pattern. Currently the market is forming a descending impulse. After a local correction, Oil is expected to start the third wave.

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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.