Wave Analysis 06.03.2013 (DJIA Index, Crude Oil)

06.03.2013

Analysis for March 6th, 2013

DJIA Index

The Index continues moving upwards. Yesterday the bulls reached a new historic maximum and may continue pushing the price upwards. The current chart structure implies that the instrument may continue growing up inside wave 5 towards the level of 13400, at least.



As we can see at the H1 chart, the instrument is expanding wave (3). On the minor wave level the price is forming the fourth wave. Later, the Index is expected to finish a local correction and may start a new ascending movement inside wave 5 of (3).



Crude Oil

We may assume that the instrument is still forming the third wave. Currently the market is being corrected, but the price may start moving downwards again any minute. The short-term target for the bears is the level of $89 per barrel of Light Sweet.



More detailed wave structure is shown on the H1 chart. We may assume that the price is finishing the fourth wave inside wave 5. During Wednesday Oil may start falling down and form wave [5].



 
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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