Wave Analysis 08.01.2013 (DJIA Index, Crude Oil)

08.01.2013

Analysis for January 8th, 2013

DJIA Index

It looks like the price continues forming double zigzag pattern inside the second wave. At the moment the Index is being corrected inside wave B. In the near term, the instrument is expected to start a new ascending movement inside wave C of (Y).



As we can see at the H1 chart, the Index is finishing wave B in the form of flat pattern. Most likely, the price will reach a new local minimum during the day. Later, the instrument is expected to start a new ascending movement and form an initial impulse inside wave [1].



Crude Oil

It looks like the price is finishing zigzag pattern inside wave C of (2); the bulls are about to break a local maximum. Later, Oil is expected to make a reverse and start moving downwards inside an initial wave 1.



More detailed wave structure is shown on the H1 chart. We may assume that the instrument is forming wave (5) of [C]. Most likely, the price will start a new ascending movement on Wednesday.



 
RoboForex Analytical Department

Attention!

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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