Wave Analysis 26.02.2013 (DJIA Index, Crude Oil)


Analysis for February 26th, 2013

DJIA Index

Yesterday the bulls managed to break the maximum and complete wave [5] of 5. By now the instrument has already formed an initial descending impulse. After a local correction, the price is expected to start a new descending movement inside the third wave.

More detailed wave structure is shown on the H1 chart. We may assume that wave [4] was completed in the form of flat pattern. During Tuesday the Index is expected to start a correction, but later the bears may return to the market.

Crude Oil

It looks like Oil is still expanding inside wave (3). On the minor wave level the price is finishing the fifth wave. There is a possibility that during the next several hours the instrument may start a correction inside wave (4).

As we can see at the H1 chart, wave 4 was completed in the form of double three pattern. Later the price finished a descending impulse and started a correction. In the near term, we can expect the price to start a new descending movement inside wave [3].

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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.