Wave Analysis 07.06.2013 (DJIA Index, Crude Oil)

07.06.2013

Analysis for June 7th, 2013

DJIA Index

We can’t exclude a possibility that the Index finished the fourth wave; earlier the price completed an extension inside the third one. On the minor wave level, the instrument formed an initial ascending impulse, that’s why I’ve opened a buy order with the stop near the minimum.



As we can see at the H1 chart, wave [4] took the form of zigzag pattern with diagonal triangle inside wave (C). Also, the Index completed an ascending impulse inside wave (1) and may continue moving upwards during the day.



Crude Oil

It looks like Oil is still forming an ascending impulse inside wave [1]. There is a possibility that the instrument may reach a new local maximum in the nearest future.



More detailed wave structure is shown on the H1 chart. The price is finishing the fourth wave inside wave [1]. In the near term, Oil is expected to start moving upwards inside wave (5) of [1].



 
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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