Wave Analysis 11.03.2013 (DJIA Index, Crude Oil)

11.03.2013

Analysis for March 11th, 2013

DJIA Index

The market continues growing up. Earlier the Index completed divergent horizontal triangle inside the fourth wave and at the moment is forming wave [5] of 5. The wave is quite far from completion, that’s why we can’t exclude a possibility that in the nearest future the instrument may reach one more historic maximum.



More detailed wave structure is shown on the H1 chart. The instrument is expanding wave (3). On the minor wave level the market is forming the fifth wave, which may continue during Monday.



Crude Oil

Oil is forming a descending impulse inside wave [1]. On the minor wave level the price is forming the fourth wave. In the near term, the instrument is expected to start moving downwards again and form wave (5) of [1].



As we can at the H1 chart, wave [5] of 5 was completed a bit short; the fourth wave is taking the form of zigzag pattern. I suppose that the price may start forming an initial descending impulse on Monday.



 
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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