Wave Analysis 27.05.2013 (DJIA Index, Crude Oil)

27.05.2013

Analysis for May 27th, 2013

DJIA Index

The current chart structure implies that an ascending impulse inside wave 5 was completed. It looks like the Index is trying to make a reverse. After a local correction, the instrument is expected to continue falling down and forming wave (1).



More detailed wave structure is shown on the H1 chart. The price completed an impulse inside wave (5) of [5] and started forming an initial wave 1. Most likely, the Instrument will finish wave 2 during Monday and start moving downwards inside the third one.



Crude Oil

We can’t exclude a possibility that Oil completed wave 2 in the form of flat pattern. On the minor wave level, the instrument is forming an initial wave (1). There is a possibility that the price may continue growing up during the next several hours.



At the H1 chart, after finishing an impulse inside wave [C], the price completed wave (1). During Monday, the market is expected to finish a local correction and start a new ascending movement. The target of the third wave is the level of $95.5 per barrel of Light Sweet.



 
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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