Wave Analysis 28.05.2013 (DJIA Index, Crude Oil)


Analysis for May 28th, 2013

DJIA Index

Despite a short ascending movement, there is still a possibility that the Index may make a reverse. We may assume that earlier the price completed wave [5]. Later the instrument is expected to continue falling down inside wave (1).

We may assume that after completing an initial impulse inside wave (1), the Index started a correction. The second wave may be finished within the next several hours. I’m planning to open several sell orders as soon as the price forms first bearish impulses.

Crude Oil

After completing a descending impulse, Oil formed flat pattern inside the second wave. On the minor wave level, the instrument finished an impulse inside wave [C]. Later the instrument is expected to continue growing up while forming wave (1).

At the H1 chart we can see, that wave (2) was completed in the form of zigzag pattern with triangle inside it. During the next several days, the market may continue moving upwards and break the maximum of wave [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.