Wave Analysis 06.06.2013 (DJIA Index, Crude Oil)


Analysis for June 6th, 2013

DJIA Index

Despite a fast descending movement made by the Index yesterday, the main scenario remains the same. It looks like the price is finishing the fourth wave. Right now, it’s quite risky to start buying, that’s why I’ve placed a pending order.

As we can see at the H1 chart, wave [4] is taking the form of zigzag pattern with diagonal triangle inside wave (C). On the minor wave level, the Index completed an initial ascending impulse. Most likely, the instrument will continue forming wave (1) during Thursday.

Crude Oil

After completing zigzag pattern inside wave 2, Oil formed an ascending impulse inside wave [1]. In the near term, we can expect a correction, but later the price may start a new ascending movement inside the third wave.

More detailed wave structure is shown on the H1 chart. Wave [1] was completed in the form of wedge pattern, and right now the instrument is forming zigzag inside the second wave. After completing wave (C) of [2], the market may start growing up inside wave [3].

RoboForex Analytical Department


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.