Wave Analysis 05.03.2013 (DJIA Index, Crude Oil)

05.03.2013

Analysis for March 5th, 2013

DJIA Index

Yesterday the Index started moving upwards again, just as I expected. It looks like the price finished divergent horizontal triangle inside wave [4] and then started forming the fifth one. We can’t exclude a possibility that during Tuesday the bulls may reach a new historic maximum.



As we can see at the H1 chart, wave (2) was completed in the form of zigzag pattern. Currently the price is forming an ascending impulse inside the third wave. Most likely, in the nearest future the instrument will continue growing up and form wave 3 of (3).



Crude Oil

The instrument is still forming a descending impulse. On the minor wave level we can see that Oil is finishing expanding wave (3). After a local correction the price is expected to start a new descending movement.



More detailed wave structure is shown on the H1 chart. We may assume that the price finished wave [3] and started a correction. However, in the next several hours the instrument is expected to start falling down and form wave [5] of 5.



 
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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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