Wave Analysis 29.07.2013 (DJIA Index, Crude Oil)


Analysis for July 29th, 2013

DJIA Index

It looks like the Index completed wave (4) and is ready to start the fifth one. During this week, the price may break the maximum if the third wave. I opined a buy order during a local correction.

As we can see at the H1 chart, wave (4) took the form of zigzag pattern. On the minor wave level, the instrument finished an initial ascending impulse. After completing wave 2, the instrument is expected to start moving upwards inside the third one.

Crude Oil

Oil is about to finish the fourth wave. Earlier the price formed diagonal triangle pattern inside wave 5 of (3). In the near term, the instrument is expected to start growing up inside wave (5).

More detailed wave structure is shown on the H1 chart. We may assume that wave (4) is taking the form of double zigzag pattern. We can’t exclude a possibility that the instrument may start moving upwards inside wave 1 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.