Wave Analysis 10.05.2013 (DJIA Index, Crude Oil)

10.05.2013

Analysis for May 10th, 2013

DJIA Index

The Index continues forming an ascending impulse inside wave [5]. On the minor wave level, the market completed the third wave and is about to start a correction. Later, the instrument is expected to continue growing up while forming the fifth wave.



More detailed wave structure is shown on the H1 chart. Yesterday the Index finished wave 5 of (3). More to that, the bears have already formed an initial impulse inside wave A. Most likely, during the day the instrument will start moving downwards inside wave C of (4).



Crude Oil

It looks like Oil is forming horizontal triangle pattern inside wave [4]. During the next several days, the price may start a new ascending movement inside the fifth wave and break a local maximum. The target for the buyers is the level of $99 per barrel of Light Sweet.



More detailed wave structure is shown on the H1 chart. The instrument is finishing wave (E) inside triangle pattern. If the price rebounds from the pattern’s lower border, the market may start a new ascending movement.



 
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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