Wave Analysis 18.04.2013 (DJIA Index, Crude Oil)

18.04.2013

Analysis for April 18th, 2013

DJIA Index

We can’t exclude a possibility that right now the Index is forming the fourth wave. Earlier the instrument finished wave (5) of [3] in the form of diagonal triangle pattern. Later I expect the price to start a new ascending movement inside the fifth wave.



It looks like this correction is taking the form of zigzag pattern. The market may break a local minimum during the day. If the price rebounds from it, the Index will start forming an initial ascending impulse.



Crude Oil

Oil continues forming a descending impulse inside wave [A].  Yesterday the price completed the fourth wave, broke the minimum of the third wave, and started the fifth one. The target for the next several days is the level of $84 per barrel of Light Sweet.



More detailed wave structure is shown on the H1 chart. It looks like the price could form only an initial impulse inside wave (5), but nothing more. After completing a local correction, Oil may continue moving downwards.



 
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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