Wave Analysis 10.09.2013 (DJIA Index, Crude Oil)


Analysis for September 10th, 2013

DJIA Index

The Index is still being corrected. After completing a descending impulse inside wave [A], the price started forming zigzag pattern inside wave [B]. On the minor wave level, the instrument is expected to continue growing up and forming wave (C).

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). Later the price is expected to finish a small wave 4 and then start a new ascending movement inside wave 5 of (C).

Crude Oil

The chart structure has been changed. We can’t exclude a possibility that after completing skewed triangle pattern inside wave (4), the market started forming diagonal triangle pattern inside wave (5). On the minor wave level, the price may complete a local correction and then start moving upwards inside the third wave.

As we can see at the H1 chart, the price formed zigzag pattern inside wave 1. The instrument ay continue falling down inside wave 2 for a while, but if it forms an initial ascending impulse, I’ll open a buy order.

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