Wave Analysis 12.06.2013 (DJIA Index, Crude Oil)


Analysis for June 12th, 2013

DJIA Index

After completing the fourth wave, the Index formed an initial ascending impulse. Right now, a local correction is taking place. Most likely, the instrument will start growing up again inside wave (3) during the next several days.

More detailed wave structure is shown on the H1 chart. Wave [4] took the form of zigzag pattern and then the instrument finished a bullish impulse. It looks like the price is finishing zigzag pattern inside the second wave right now and may soon start moving upwards inside the third one.

Crude Oil

The price formed two initial ascending impulses. At the moment, Oil is completing wave [2]. In the near term, the instrument may start a new ascending movement inside the third wave.

As we can see at the H1 chart, the price is finishing zigzag pattern inside wave [2]. On the minor wave level, the instrument completed an initial impulse inside wave (1). During the day, Oil may start moving upwards inside wave (3).

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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.