Wave Analysis 18.06.2013 (DJIA Index, Crude Oil)


Analysis for June 18th, 2013

DJIA Index

After completing the fourth wave, the Index formed an initial ascending impulse inside wave (1). It looks like right now the price is forming an extension inside the third wave. In the near term, the market is expected to continue moving towards new maximums.

At the H1 chart we can see, that the Index formed several ascending impulses. During Tuesday, a local correction may yet continue, but later the price is expected to start moving upwards inside the third wave. The closest target is the level of 15400.

Crude Oil

After finishing zigzag pattern inside the second wave, Oil started a new ascending movement. It looks like the instrument is forming an extension inside the third wave. After completing a local correction, the price may start a new ascending movement.

More detailed wave structure is shown on the H1 chart. Yesterday the instrument completed an extension inside wave (3) and started a new correction. In the meantime, the price may start growing up inside the fifth wave during the next several hours.

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.