Wave Analysis 13.03.2013 (DJIA Index, Crude Oil)


Analysis for March 13th, 2013

DJIA Index

The Index continues moving towards new maximums. Earlier the price completed wave [4] in the form of divergent horizontal triangle pattern.  The instrument may continue growing up during the day.

More detailed wave structure is shown on the H1 chart. The instrument finished wave 5 of (3) in the form of diagonal triangle pattern. Currently the market is forming the fourth wave, after which we can expect the fifth one

Crude Oil

We may assume that Oil finished the fourth wave. Several days ago wave 5 of (3) was completed a bit short. During the next several hours the instrument may start moving downwards inside the fifth wave.

The fourth wave took the form of zigzag pattern. On the minor wave level Oil is starting an initial descending wave. During the day the price may start a new descending movement. The first target for the bears is at the level of $91 per barrel of Light Sweet.

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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.