Wave Analysis 28.08.2013 (DJIA Index, Crude Oil)


Analysis for August 28th, 2013

DJIA Index

The Index is finishing a descending impulse inside wave [A]. On the minor wave level, the market is completing the fifth wave. We can’t exclude a possibility that during the next several days the instrument may start a new correction inside an initial wave (A).

More detailed wave structure is shown on the H1 chart. After completing zigzag pattern inside wave (4), the price started falling down inside the fifth one. Most likely, during the day the instrument will break a local minimum while forming wave 5 of (5).

Crude Oil

Oil is moving upwards quite fast, just as we expected; the market is growing up inside wave 3 of (5). In the near term, the price is expected to start the fourth wave, after which the bulls may continue pushing the price upwards inside the fifth one.

As we can see at the H1 chart, Oil is forming an extension inside the third wave. On the minor wave level, the price finished wave [3]. After a local correction, the instrument may reach new maximums while forming wave [5] of 3.

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.