Wave Analysis 21.08.2013 (DJIA Index, Crude Oil)


Analysis for August 21st, 2013

DJIA Index

The Index continues forming an impulse inside a bearish wave [A]. On the minor wave level, the market is about to finish wave (3). Most likely, in the nearest future the Instrument will start a correction.

More detailed wave structure is shown on the H1 chart. The price is completing the third wave inside wave 3. There is a possibility that the instrument may reach new minimums during the day, but later it is expected to start a new correction inside wave 4.

Crude Oil

The formation of wave 2 is taking too much time. Earlier the price finished wave (4). The forecast is still bullish: the instrument is expected to start moving upwards inside wave 3 of (5).

As we can see at the H1 chart, wave (4) took the form of zigzag pattern. On the minor wave level, Oil completed wedge pattern inside wave 1. We can’t exclude a possibility that the instrument may finish forming wave 2 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.