Wave Analysis 09.09.2013 (DJIA Index, Crude Oil)


Analysis for September 9th, 2013

DJIA Index

The Index is still being corrected. Earlier the price completed a bearish impulse inside wave [A]. Later, after finishing wave [B], the instrument is expected to make a reverse downwards and start forming an initial impulse.

More detailed wave structure is shown on the H1 chart. After completing wedge pattern inside wave (A), the instrument formed flat pattern inside wave (B). Most likely, in the nearest future, the price will start a new ascending movement inside wave (C) of [B].

Crude Oil

Oil is growing up. After completing skewed triangle pattern inside wave (4), the market started forming an initial ascending impulse inside the fifth one. Right now, the price is moving upwards inside the wave 3. During the next several days, the instrument may reach a new maximum.

As we can see at the H1 chart, the price is extending wave 3. Right now, the market is being corrected. Later, Oil is expected to start a new ascending movement inside wave [5] of 3.

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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.