Wave Analysis 18.02.2013 (DJIA Index, Crude Oil)


Analysis for February 18th, 2013

DJIA Index

It looks like the Index is still forming wave 5 of (1). On the minor wave level the price is forming diagonal triangle pattern inside the fifth wave. Most likely, in the nearest future the instrument will continue moving upwards and break a local maximum.

As we can see at the H1 chart, last Friday the price completed wave (2) in the form of zigzag pattern. At the moment a local correction is taking place. Most likely, in the nearest future the instrument will start moving upwards inside wave C of (3).

Crude Oil

The bulls are still dominant. We may assume that at the moment the price is finishing the second wave. Later the instrument is expected to form a short initial ascending impulse and the continue moving upwards and form the third wave.

More detailed wave structure is shown on the H1 chart. We can’t exclude a possibility that zigzag pattern inside wave (2) was completed. During the day the price is expected to start a new ascending movement and then break a local maximum.

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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.