Wave Analysis 20.05.2013 (DJIA Index, Crude Oil)

20.05.2013

Analysis for May 20th, 2013

DJIA Index

The Index continues growing up quite fast. It looks like the price is about to complete an ascending impulse inside wave [5]. Most likely, the buyers will try to reach a new maximum. After that, the instrument is expected to start a correction.



As we can see at the H1 chart, the price is forming ending diagonal triangle pattern inside wave (5). On the minor wave level, the Index is starting the fourth wave. During Monday, the price may form a correctional flat pattern.



Crude Oil

We may assume that wave 2 was completed in the form of zigzag pattern. In addition to that, the bulls did manage to form an initial ascending impulse inside wave [1]. After finishing а local correction, the instrument is expected to start a new ascending movement inside the third wave.



More detailed wave structure is shown on the H1 chart. Last Friday the instrument completed wave (5) of [1]. Right now Oil is forming zigzag pattern inside the second wave. After that, the price may move downwards a little bit while forming (C) of [2].



 
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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