Wave Analysis 15.03.2013 (DJIA Index, Crude Oil)


Analysis for March 15th, 2013

DJIA Index

The Index continues forming an ascending impulse inside wave 5. On the minor wave level the price completed divergent horizontal triangle pattern and started forming the fifth wave.  The instrument reaches new maximums almost every day and Friday won’t probably be an exception.

More detailed wave structure is shown on the H1 chart. It looks like the instrument is forming an impulse inside wave (5) of [5]. During the day the market is expected to continue moving upwards.

Crude Oil

Oil finished an initial descending impulse. At the moment the market is being correction; the correction is taking the form of zigzag pattern. Later the price may is expected to start growing up towards the level of $95 per barrel of Light Sweet.

At the H1 chart we can see that the instrument formed an ascending wedge pattern inside wave (A). We may assume that Oil completed an initial impulse inside wave (C). After a local correction the price is expected to start growing up inside wave 3 of (C).

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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.