Wave Analysis 12.02.2013 (DJIA Index, Crude Oil)

12.02.2013

Analysis for February 12th, 2013

DJIA Index

The Index is still moving near its maximums; most likely it is forming the fifth wave. We can’t exclude a possibility that in the nearest future the bulls may reach the level of 14000.



At the H1 chart we can see that the fourth wave was completed in the form of zigzag pattern. Right now the price is forming diagonal triangle pattern inside the fifth wave. During the day the instrument is expected to start a new ascending movement and form wave (3) of [5].



Crude Oil

Yesterday the price made a significant ascending movement and I think we should consider an alternative scenario. This scenario implies that the price continues forming triangle pattern inside wave E. In my opinion, in the nearest future the instrument may break a local maximum.



More detailed wave structure is shown on the H1 chart. As we can see, yesterday Oil completed the fourth wave and then formed an initial ascending impulse. During a local correction I opened a buy order with the stop below the minimum. Most likely, the price will start the third wave on Tuesday.



 
RoboForex Analytical Department

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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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