Wave Analysis 06.09.2013 (DJIA Index, Crude Oil)


Analysis for September 6th, 2013

DJIA Index

The Index is still being corrected. Earlier the price completed a bullish wedge pattern inside wave (A). Most likely, after finishing wave (B), the instrument will start a local ascending movement inside wave (C) of [B].

More detailed wave structure is shown on the H1 chart. It looks like the price completed the fifth wave inside wave (A). In the near term, the instrument is expected to moving downwards inside wave (B), but later it will start a new ascending movement inside wave (C) of [B].

Crude Oil

After completing skewed triangle pattern inside wave (4), the market formed an initial ascending impulse inside wave 1. On Thursday, the price completed its local correction and started growing up inside the third wave. We can’t exclude a possibility that during the day the instrument may break the latest maximum.

As we can see at the H1 chart, wave E took the form of zigzag pattern. On the minor wave level, Oil formed two initial ascending impulses. During a local correction, I opened one more buy order.

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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.