Wave Analysis 23.04.2013 (DJIA Index, Crude Oil)

23.04.2013

Analysis for April 23rd. 2013

DJIA Index

It looks like the Index is finishing the fourth wave. After completing wave (5) of [3] in the form of diagonal triangle pattern, the price started a new correction. Most likely, in the nearest future the price will start growing up inside the fifth wave.



As we can see at the H1 chart, wave [4] is taking the form of double zigzag pattern. On the minor wave level, the market is forming an initial ascending impulse. The instrument may break the maximum of wave [3] by the end of the week.



Crude Oil

After finishing a descending impulse inside wave [A], Oil started a correction. We can’t exclude a possibility that the price has already finished wave [B]. If it’s true, then later the instrument may start moving downwards inside wave [C] of E.



More detailed wave structure is shown on the H1 chart. We may assume that wave [B] was finished in the form of zigzag pattern. In the near term, the price is expected to form an initial bearish impulse inside wave (1).



 
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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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