Wave Analysis 15.07.2013 (DJIA Index, Crude Oil)

15.07.2013

Analysis for July 15th, 2013

DJIA Index

The Index continues moving upwards; the instrument has almost reached the historic maximum and may break it during the week. I’m planning to enter the market by placing a limit buy order during the next correction.



More detailed wave structure is shown on the H1 chart. The market completed a bullish extension inside wave 3. A local correction may yet continue during Monday, but later the bulls are expected to continue pushing the price upwards.



Crude Oil

After completing wave (3), Oil started a correction. It looks like the price is going to continue moving downwards inside the fourth wave. In the nearest future, the instrument may break the latest minimum. If later Oil forms an initial ascending impulse, it will be a signal to open buy orders.



We may assume that Oil is forming zigzag pattern inside wave (4). On the minor wave level, the price is completing wave B. Most likely, in the nearest future the instrument will start a new descending movement inside wave C of (4).



 
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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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