Wave Analysis 26.08.2013 (DJIA Index, Crude Oil)


Analysis for August 26th, 2013

DJIA Index

The Index continues forming a bearish impulse inside wave [A]. On the minor wave level, the market is finishing the fourth wave. Most likely, during the day the instrument will start a new descending movement inside the fifth wave.

More detailed wave structure is shown on the H1 chart. After completing an extension inside wave (3), the Index formed zigzag pattern inside the fourth one. There is a possibility that in the nearest future the instrument may form an initial impulse inside wave 1.

Crude Oil

The bulls are returning to the market. Right now, Oil is in the middle of an ascending wave 3 of (5). In the near term, the price is expected to continue moving upwards and break the maximum of wave 1.

As we can see at the H1 chart, wave (4) took the form of zigzag pattern, and then the price formed wedge pattern inside wave 1 and a long zigzag pattern inside the second one. During a local correction, I opened one more buy order and expect the instrument to continue moving upwards.

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.