Wave Analysis 16.08.2013 (DJIA Index, Crude Oil)


Analysis for August 16th, 2013

DJIA Index

The Index continues moving downwards and forming a bearish impulse inside wave [A]. On the minor wave level, the market is forming the third wave. Most likely, the price will reach new minimums during the next several days.

More detailed wave structure is shown on the H1 chart. After completing two initial waves, (1) and 1, the market start forming the third one. There is a possibility that the price may continue falling down after finishing a local correction.

Crude Oil

Oil continues moving upwards and forming wave (5). Earlier the price completed wave (4) in the form of zigzag pattern. There is a possibility that during the next several days the instrument may reach a new maximum.

As we can see at the H1 chart, after finishing wave (4) in the form of zigzag pattern, the market formed an initial ascending impulse. It looks like the market is going to start a serious ascending movement inside the third wave. I’ve already opened three buy orders.

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.