Wave Analysis 04.09.2013 (DJIA Index, Crude Oil)


Analysis for September 4th, 2013

DJIA Index

We may assume that the price completed a local correction. Earlier the Index formed an initial impulse inside wave [A]. There is a possibility that in the nearest future the instrument may break the minimum while forming wave (1).

More detailed wave structure is shown on the H1 chart. It looks like wave [B] took the form of flat pattern. On the minor wave level, the price formed a descending impulse. After completing wave 2, the instrument is expected to start moving downwards inside the third one.

Crude Oil

We may assume that wave (4) took the form of triangle pattern. After rebounding from the pattern’s lower border, the market started forming an initial ascending impulse. In the near term, the price may continue growing up inside wave 1.

As we can see at the H1 chart, the price is finishing the fourth wave inside wave 1. During a correction, I opened one more buy order. I’m planning to open several more as soon as the instrument completes an initial impulse inside wave [5].

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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.