Wave Analysis 14.03.2013 (DJIA Index, Crude Oil)

14.03.2013

Analysis for March 14th, 2013

DJIA Index

The Index continues forming an ascending impulse inside wave [5] of 5. Earlier the price completed wave [4] in the form of horizontal triangle pattern.  Most likely, the instrument will continue growing up during the day.



At the H1 chart we can see that yesterday the instrument finished wave (4) in the form of flat pattern and then completed an initial ascending impulse inside the fifth wave. Most likely, in the nearest future market will reach new historic maximum.



Crude Oil

It looks like Oil finished the fourth wave inside wave [1]. The market is ready to move downwards inside the fifth wave. We can’t exclude a possibility that the price may break a local minimum during the next several days. The target of wave (5) of [1] is the level of $89 per barrel of Light Sweet.



More detailed wave structure is shown on the H1 chart. Wave (4) took the form of double zigzag pattern. On the minor wave level Oil is forming an initial bearish impulse. Most likely, wave 1 will take the form of wedge pattern.



 
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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