Wave Analysis 23.07.2013 (DJIA Index, Crude Oil)

23.07.2013

Analysis for July 23rd, 2013

DJIA Index

It looks like the Index is finishing an extension inside wave (3). Earlier the price formed zigzag pattern inside wave [4]. Most likely, in the nearest future the instrument will break the maximum and start a correction inside wave (4) of [5].



More detailed wave structure is shown on the H1 chart. After completing horizontal triangle pattern inside wave 4, the price is forming diagonal triangle pattern inside the fifth one. On the minor wave level, the instrument is finishing wave [4].



Crude Oil

Oil is finishing its local correction. We may assume that the price finished triangle pattern inside wave (4) and then started moving upwards inside the fifth wave, which is taking the form of diagonal triangle pattern. There is a possibility that the instrument may reach a new maximum during the next several hours.



At the H1 chart, we can see the structure triangle pattern inside wave (4). We can’t exclude a possibility that Oil completed wave 2 inside the fifth one. It means that the bulls may start a new ascending movement inside wave 3 of (5) quite soon.



 
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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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