Wave Analysis 28.06.2013 (DJIA Index, Crude Oil)


Analysis for June 28th, 2013

DJIA Index

After completing zigzag pattern inside wave [4], the Index formed an initial ascending impulse. We can’t exclude a possibility that in the nearest future the price may start a correction. Later the instrument is expected to start a new ascending movement inside wave (3).

As we can see at the H1 chart, yesterday the price completed a bullish impulse inside wave (1). Earlier the Index formed a descending impulse inside wave (C). It looks like right now the instrument is forming the second wave, which may continue during the day.

Crude Oil

Oil is still being corrected. After the price finished wave [B], I’ve opened a sell order with the stop above the maximum. I’m planning to increase my short position as soon as the instrument forms an initial descending impulse.

More detailed wave structure is shown on the H1 chart. It looks like the price is finishing zigzag pattern inside wave [B]. On the minor wave level, the price is completing an impulse inside wave (C). The main forecast is still bearish.

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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.