Wave Analysis 03.04.2013 (DJIA Index, Crude Oil)

03.04.2013

Analysis for April 3rd, 2013

DJIA Index

The current wave structure implies that the instrument stopped moving upwards inside wave [5] of 5. However, one is not recommended to open any sell orders until the price forms a clear descending impulse. That’s why I’m waiting for a good moment and right now staying out of the market.



As we can see at the H1 chart, the price finished diagonal triangle pattern. If the price rebounds from the pattern’s upper border, the Index will start a correction. However, if the price breaks the border, we will have to reconsider the wave structure.



Crude Oil

Oil continues moving upwards. We may assume that yesterday the price finished wave [2]. Most likely, in the nearest future the instrument will start growing up inside the third wave. Expecting this to happen, I opened a new buy order with the tight stop.



More detailed wave structure is shown on the H1 chart. Wave [2] was finished in the form of zigzag pattern. On the minor wave level the price completed an initial impulse inside wave (1). After a local correction Oil is expected to start a new ascending movement inside the third wave.



 
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