Wave Analysis 13.05.2013 (DJIA Index, Crude Oil)

13.05.2013

Analysis for May 13th, 2013

DJIA Index

The Index continues moving upwards. It looks like the price is forming the fourth wave inside wave [5]. In the near term, the instrument is expected to continue growing up and break the maximum while forming wave (5) of [5].



As we can see at H1 chart, last week the Index finished wave (3). A local correction may yet continue for a while, but is likely to finish quite soon. I’ll move the stop into the black as soon as possible.



Crude Oil

We may assume that wave 1 is taking the form of wedge pattern. On the minor wave level, the price completed the fourth wave. Last Friday Oil started forming the fifth wave and may continue growing up during the next several days. The target is the level of $98 per barrel of Light Sweet.



More detailed wave structure is shown on the H1 chart. Wave [4] was completed in the form zigzag pattern with triangle(B) inside it. The price also formed an initial ascending impulse. Later, the instrument is expected to finish a slight correction and start a new ascending movement inside the third wave.



 
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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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