Wave Analysis 11.02.2013 (DJIA Index, Crude Oil)


Analysis for February 11th, 2013

DJIA Index

It looks like the Index started forming the fifth wave; during the last week the market was consolidating inside the fourth one. In the nearest future the instrument may continue moving upwards and the bulls may try to keep the price above the level of 14000.

At the H1 chart we can see that wave [4] was completed in the form of zigzag pattern with triangle pattern inside wave (B). Right now the price is expanding the third wave. During the day the instrument is expected to break a local maximum.

Crude Oil

We may assume that Oil completed zigzag pattern inside wave (2). On the minor wave level the instrument is forming an initial descending impulse. In the nearest future the price may continue moving downwards inside the third wave.

As we can see at the H1 chart, first Oil completed wedge and then zigzag pattern inside the second wave. Currently the price is expanding wave (3). The target for the bears is the level of $99.50 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.