Wave Analysis 01.07.2013 (DJIA Index, Crude Oil)


Analysis for July 1st, 2013

DJIA Index

The price is starting a new ascending movement. Earlier the Index completed zigzag pattern inside wave [4]. On the minor wave level, the instrument formed an initial impulse wave (1). Most likely, later the instrument will continue growing up inside the third wave.

More detailed wave structure is shown on the H1 chart. It looks like the price completed wave (2) in the form of flat pattern. During the day, we can expect the Index to continue forming an impulse inside wave 1.

Crude Oil

Oil is about to start moving downwards. After completing a bearish impulse inside wave [A], the price formed a correction. In the near term, the Instrument is expected to move downwards while forming wave [C].

As we can see at the H1 chart, the price formed zigzag pattern inside wave [B]. Right now, the instrument is falling down inside wave (1). We can’t exclude a possibility that Oil may reach new minimums during the day.

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.