Wave Analysis 18.07.2013 (DJIA Index, Crude Oil)

18.07.2013

Analysis for July 18th, 2013

DJIA Index

The Index is still moving inside an ascending trend, the market is being corrected near the historic maximum. During the next several days, I expect the price to start moving upwards and reach the level of 15600.



More detailed wave structure is shown on the H1 chart. It looks like wave 4 is taking the form of horizontal triangle pattern. During Thursday, the instrument may start a new ascending movement inside wave 5 of (3).



Crude Oil

Oil is being corrected inside the fourth wave, which is taking the form of triangle pattern. I placed a limit buy order near the pattern’s lower border. In the near term, the price is expected to break the maximum.



As we can see at the H1 chart, the price started forming wave E inside triangle pattern. I’m planning to enter the market as soon as the price rebounds from the pattern’s lower border, and later – after the instrument forms an initial ascending impulse.



 
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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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