Wave Analysis 22.04.2013 (DJIA Index, Crude Oil)


Analysis for April 22nd. 2013

DJIA Index

It looks like the Index finished the fourth wave. Earlier the instrument finished wave (5) of [3] in the form of diagonal triangle pattern. Most likely, the price will break the maximum while forming the fifth wave during the week.

As we can see at the H1 chart, wave [4] took the form of double zigzag pattern. On the minor wave level, the market is forming an initial ascending impulse. After completing a local correction, the instrument is expected to start a new ascending movement.

Crude Oil

Oil is moving downwards inside wave E. On the minor wave level, the market is being corrected inside wave [B]. During Monday the instrument is expected to grow up a little bit, but later it may start continue moving downwards inside wave [C].

More detailed wave structure is shown on the H1 chart. It looks like wave [B] is taking the form of zigzag pattern with wave (B) inside it. In the near term, the price is expected to start a new ascending movement wave (C) of [B].

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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.