Wave Analysis 17.09.2013 (DJIA Index, Crude Oil)


Analysis for September 17th, 2013

DJIA Index

The Index continued moving upwards and broke the maximum. Thus, we may assume that the instrument is forming wave [5] in the form of diagonal triangle pattern. If the price continues moving like this, we can expect a high volatility during the next several weeks.

More detailed wave structure is shown on the H1 chart. After completing wave (2), the Index is moving upwards fast inside the third one. We can’t exclude a possibility that the market may continue growing up for a while, but later it may start a new correction inside the fourth wave.

Crude Oil

We may assume that wave (4) took the form of horizontal triangle pattern. On the minor wave level, the price is finishing wave E. If the instrument rebounds from the pattern’s lower border, Oil may start growing up again.

As we can see at the H1 chart, the price completed zigzag pattern inside wave E. I’ve opened a buy order, and if the price rebounds from the Super Trend, I’m planning to add several more. If the instrument forms an initial ascending impulse, the bulls will return to the market.

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.