Wave Analysis 31.01.2013 (DJIA Index, Crude Oil)


Analysis for January 31st, 2013

DJIA Index

The Index continues forming an ascending impulse inside wave 5. On the minor wave level the price is forming the fourth wave. After completing a local correction, the instrument may break a local maximum.

More detailed wave structure is shown on the H1 chart. Yesterday the Index completed wave [3] and then started a correction. We can’t exclude a possibility that wave [4] may take the form of flat or some other irregular pattern.

Crude Oil

We may assume that Oil is completing an impulse inside wave C. On the minor wave level the price is finishing the fifth wave.  Later, the instrument is expected to make a reverse and start a new descending movement inside the first wave.

At the H1 chart the price completed horizontal triangle pattern inside the fourth wave and started moving upwards again. We can’t exclude a possibility that currently the market is forming final waves inside wave (5) of [5]. In this case, we can expect Oil to make a reverse during the next several days.

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.

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