Wave Analysis 06.02.2013 (DJIA Index, Crude Oil)

06.02.2013

Analysis for February 6th, 2013

DJIA Index

The Index continues moving upwards, just as I expected. There is a possibility that the bulls may reach a new maximum while forming wave [5]. I think wave 5 of (1) may be completed very soon.



More detailed wave structure is shown on the H1 chart. It looks like the price is forming the fourth wave inside wave [5]. Later during the day, after a local correction, the instrument is expected to continue moving upwards.



Crude Oil

The current chart structure implies that wave C has been already completed. On the minor wave level Oil is forming an initial descending impulse. Later the price may continue falling down and break a local minimum.



More detailed wave structure is shown on the H1 chart. We can’t exclude a possibility that right now Oil is forming a bearish wedge pattern with the fourth wave inside it. During the day the market may start moving downwards inside the fifth wave.



 
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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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