Wave Analysis 07.03.2013 (DJIA Index, Crude Oil)


Analysis for March 7th, 2013

DJIA Index

The Index continues moving upwards. Earlier the bulls reached a new historic maximum and. The current chart structure implies that the instrument may continue growing up inside wave [5] of 5. The target for the buyers is at the level of 13400.

As we can see at the H1 chart, several hours ago the instrument is finished expanding wave 3. At the moment the market is consolidating inside the fourth wave. Most likely, in the nearest future the Index will start a new ascending movement inside wave 5 of (3).

Crude Oil

Oil continues forming an expansion inside wave (3). On the minor wave level the market is forming the fifth wave. I think the price may continue moving downwards and even break a local minimum.

More detailed wave structure is shown on the H1 chart. After finishing zigzag pattern inside wave [4], the market started moving downwards again. The forecast of the price movement is still bearish. The short-term target is at the level of $88.50 per barrel of Light Sweet.

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