Wave Analysis 05.04.2013 (DJIA Index, Crude Oil)

05.04.2013

Analysis for April 5th, 2013

DJIA Index

Well, the current price movement looks less and less like a reverse. Most likely, in the nearest future the Index will form another bullish wave inside the fifth wave. Expecting this to happen, I opened a buy order with the tight stop.



It looks like at the H1 chart the price is forming diagonal triangle pattern. On the minor wave level, the instrument is forming horizontal triangle pattern inside the fourth wave. During the next several hours, the Index is expected to start a new ascending movement inside the fifth wave and break the maximum.



Crude Oil

We can’t exclude a possibility that the instrument is still forming triangle pattern inside wave B. In this case the current descending movement may be considered as wave [E]. If Oil rebounds from the pattern’s lower border, the market will start growing up again.



More detailed wave structure is shown on the H1 chart. We may assume that yesterday the price completed an expansion inside wave 3 and right now, a local correction is taking place. Later, after finishing the fourth wave, Oil may start a new descending movement.



 
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.

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