Wave Analysis 09.05.2013 (DJIA Index, Crude Oil)


Analysis for May 9th, 2013

DJIA Index

The Index continues moving upwards. It looks like the instrument is forming an ascending impulse inside wave [5]. On the minor wave level, the market is expected to continue growing up while forming wave (3).

As we can see at the H1 chart, the Index is finishing a bullish impulse. There is a possibility that the price may expand wave 5. Most likely, the instrument will each new maximums during the next several days.

Crude Oil

Well, it looks like Oil isn’t going to expand wave [3] so far. Earlier the instrument completed a horizontal correction inside the fourth wave, which means that right now the price may be growing up and forming the fifth one.

More detailed wave structure is shown on the H1 chart.  Oil completed triangle pattern inside wave (4) and then started growing up inside the fifth one. We can’t exclude a possibility that the market may break the maximum by the end of the week.

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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.