Wave Analysis 28.03.2013 (DJIA Index, Crude Oil)

28.03.2013

Analysis for March 28th, 2013

DJIA Index

The Index is still consolidating. However, the current wave structure implies that the price may continue moving upwards inside the fifth wave. We can’t exclude a possibility that on Thursday, right before the weekend in the USA starts, the bulls may reach a new maximum again.



The wave structure at the H1 chart is becoming clearer. We can’t exclude a possibility that the price is forming diagonal triangle pattern inside the fifth wave. On the minor wave level the Index is finishing the fourth wave. In order to get some profit out of wave 5 I opened a short-term buy order.



Crude Oil

It looks like Oil is completing zigzag pattern inside the second wave. Take Profit on my yesterday’s buy order worked. The market is moving upwards quite fast, so I think one shouldn’t open sell orders until the price forms a clear descending impulse.



More detailed wave structure is shown on the H1 chart. It looks like the price completed an ascending impulse inside wave (C). If later Oil forms a bearish impulse inside wave 1, I’ll open several sell orders during a local correction.



 
RoboForex Analytical Department

Attention!

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.

Ask a question

Need any help? Click on the icon in the lower right corner of the page and get an answer to any your questions

Or enter your phone number in the form below and we will call you right away.

Call back
Ask a question