Wave Analysis 07.08.2013 (DJIA Index, Crude Oil)


Analysis for August 7th, 2013

DJIA Index

It looks like the Index is making a reverse; the price has already completed an ascending impulse inside wave [5]. During a correction, I’m planning to open a short position, that’s why I’ve placed a limit order.

As we can see at the H1 chart, the price formed diagonal triangle pattern inside wave (5). On the minor wave level, the Index is finishing an initial impulse inside wave (1). Most likely, after completing wave (2), the instrument will start forming one more bearish wave.

Crude Oil

In case of Oil, there are no signs of a reverse right now. We can’t exclude a possibility that the price may continue moving upwards inside wave (5). After the price forms a bullish impulse, I’m planning to open one more buy order.

More detailed wave structure is shown on the H1 chart. We may assume that wave (4) took the form of doublezigzag pattern. After completing a local correction, the price is expected to start growing up inside wave 3 of (5).

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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.