Wave Analysis 01.04.2013 (DJIA Index, Crude Oil)

01.04.2013

Analysis for April 1st, 2013

DJIA Index

The Index continues moving upwards. It looks like the price is completing an ascending impulse inside wave [5]. We can’t exclude a possibility that during this week the instrument may reach new maximums and later start a correction.



As we can see at the H1 chart, the price is forming diagonal triangle pattern inside wave (5). On the minor wave level the Index is finishing wave 5. Most likely, after a local correction the buyers will continue pushing the price towards the pattern’s upper border.



Crude Oil

After completing horizontal triangle pattern inside wave B, Oil is moving upwards inside wave [1]. The current wave structure implies that the price may continue growing up for a while. However, later the instrument is expected to start a new correction inside wave [2].



More detailed wave structure is shown on the H1 chart. It looks like the price is forming the fourth wave; I opened a short-term buy order. During the next several hours Oil is expected to start a new ascending movement inside wave (5) of [1].



 
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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.

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