Wave Analysis 13.02.2013 (DJIA Index, Crude Oil)


Analysis for February 13th, 2013

DJIA Index

The Index continues forming the fifth wave. Yesterday the bulls broke a local maximum and I moved the stop on my buy order into the black. During Wednesday the instrument is expected to continue moving upwards.

At the H1 chart we can see that the fourth wave was completed in the form of zigzag pattern. Right now the price is forming diagonal triangle pattern inside the fifth wave. In the nearest future the instrument is expected to continue forming wave [5] of 5.

Crude Oil

It looks like Oil started forming the fifth wave. On the minor wave level the price is forming an initial bullish impulse. During the next several days the instrument may break the maximum of wave [3]. We can’t exclude a possibility that the market may pass the level of $100 per barrel of Light Sweet very soon.

More detailed wave structure is shown on the H1 chart. As we can see, wave [4] took the form of zigzag pattern, inside which wave (A) is wedge, and wave (B) is diagonal triangle. In the near term, the price is expected to start wave 5 of (1).

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.