Wave Analysis 11.06.2013 (DJIA Index, Crude Oil)


Analysis for June 11th, 2013

DJIA Index

The Index is starting a new ascending movement. After completing the fourth wave, the price formed an initial ascending impulse. Right now, a local correction is taking place, but the instrument is expected to start growing up again inside wave (3) of [5].

More detailed wave structure is shown on the H1 chart. Wave [4] took the form of zigzag pattern with triangle inside wave (B). On the minor wave level, the instrument finished a bullish impulse inside wave (1). After completing the second wave, the price is expected to move upwards inside the third one.

Crude Oil

At the H4 chart, we can see that the price formed several initial waves in a row. We may assume that Oil is starting moving upwards inside wave [3]. There is a possibility that the instrument may break the maximum during the next several days.

As we can see at the H1 chart, the price is falling down inside the second wave. The instrument may complete this correction during the day. As soon as the market forms an initial ascending impulse, I’ll open one more buy order.

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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.