Wave Analysis 21.06.2013 (DJIA Index, Crude Oil)

21.06.2013

Analysis for June 21st, 2013

DJIA Index

We may assume that the Index completed zigzag pattern inside wave [4]. On the minor wave level, the price formed a descending impulse inside wave (C). We can’t exclude a possibility that right now the market is forming an initial ascending impulse. I’m planning to open some buy orders during a local correction.



At the H1 chart we can see, that the Index finished an impulse inside wave (C) and then – a short initial ascending impulse. After completing a local correction, the instrument is expected to start moving upwards inside the third wave.



Crude Oil

We can’t exclude a possibility that the price completed wave D in the form of zigzag pattern inside triangle(B). Oil is starting to fall down inside wave E; the instrument may form this wave for several month.



More detailed wave structure is shown on the H1 chart. The instrument completed an ascending impulse inside wave [C] and then formed a bearish impulse inside wave (1). After completing the second wave, the price is expected to start moving downwards.



 
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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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