Wave Analysis 24.06.2013 (DJIA Index, Crude Oil)


Analysis for June 24th, 2013

DJIA Index

We may assume that the Index is completing the fourth wave in the form of zigzag pattern. On the minor wave level, the price is finishing an impulse inside wave (C). I’m planning to open some buy orders as soon as the instrument forms an initial ascending impulse.

At the H1 chart we can see, that the Index finished triangle pattern inside the fourth wave and started moving downwards inside wave 5 of (C). Most likely, the instrument will continue falling down during the day.

Crude Oil

Oil continues forming a large triangle pattern; earlier the market completed wave D inside it. At the moment, the instrument is falling down inside wave [A]. During the week, the price is expected to start a correction inside wave [B].

More detailed wave structure is shown on the H1 chart. The instrument completed the fourth wave inside wave [A]. There is a strong possibility that the bears may continue pushing the price downwards inside the fifth wave during the day.

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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.