Wave Analysis 29.04.2013 (DJIA Index, Crude Oil)


Analysis for April 29th. 2013

DJIA Index

After completing the fourth wave, the market is trying to start a new ascending movement inside the fifth wave. We can’t exclude a possibility that the Index may reach a new maximum during this week. The target for the bulls is still the level of 14950.

As we can see at the H1 chart, wave [4] was completed in the form of double zigzag pattern. Later the market formed an initial wedge pattern inside wave (1). It looks like a local correction also finished and the instrument is starting growing up inside the third wave.

Crude Oil

Oil continues moving fast inside wave [B]. Such fast correction may change the chart structure, so I advise to avoid selling right now until the price forms a clear bearish impulse. That’s why I opened only a short-term buy order so far.

More detailed wave structure is shown on the H1 chart. The price is forming an ascending impulse wave (C). On the minor wave level the instrument finished the fourth wave and then started the fifth one. The target is at the level of $94.2 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.