Wave Analysis 17.05.2013 (DJIA Index, Crude Oil)


Analysis for May 17th, 2013

DJIA Index

The Index is about to complete wave [5]. On the minor wave level, the price needs several ascending n waves in order to finish this wave. Most likely, the instrument will complete its ascending movement during the next several hours. Later, the Index may make a reverse.

More detailed wave structure is shown on the H1 chart. It looks like the price is forming diagonal triangle pattern inside wave (5). During Friday, the Index is expected to growing up a little bit while forming wave 3 of (5).

Crude Oil

We may assume that Oil started forming the first wave. Earlier wave 2 was completed in the form of zigzag pattern. There is a possibility that the instrument may break the maximum during the next several days. I’m planning to start trading as soon as the price finishes an initial impulse inside wave [1].

As we can see at the H1 chart, wave [B] took the form of running triangle pattern. The price is starting the fourth wave inside wave [1]. Later, after completing a local correction, the instrument may start growing up inside the fifth wave.

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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.