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.
RoboForex Analytical Department