Wave Analysis 14.06.2013 (DJIA Index, Crude Oil)


Analysis for June 14th, 2013

DJIA Index

The Index started growing up again, just as we expected. Yesterday the price completed a local correction. It looks like right now the instrument is forming the third wave inside wave [5]. Most likely, the Index will break the maximum during the next several days.

More detailed wave structure is shown on the H1 chart. Wave (2) was finished in the form of zigzag pattern, and then the price formed an initial impulse. During a correction, I opened one more buy order. Later the instrument is expected to start a new ascending movement inside wave 3 of (3).

Crude Oil

Oil is also growing up. We may assume that right now the price is forming wave (3) and may break the maximum during the day. During a correction, I opened another buy order. If the price continues moving upwards, I’m planning to increase my long positions.

At the H1 chart, the instrument is forming an extension inside wave (3). On the minor wave level, the price is completing the third wave. Earlier wave [2] was finished in the form of zigzag pattern. The main scenario remains bullish.

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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.