Wave Analysis 01.08.2013 (DJIA Index, Crude Oil)

01.08.2013

Analysis for August 1st, 2013

DJIA Index

It looks like the Index completed wave (4) and started moving upwards inside the fifth one. I’ve already moved the stop on my buy order into the black. Most likely, during the next several days the price will reach new maximums.



We may assume that wave (4) took the form of zigzag pattern. On the minor wave level, the instrument formed a bullish wedge pattern inside wave 1 and flat pattern inside wave 2. In the future, the Index is expected to start moving upwards inside the third wave.



Crude Oil

Oil finished wave (4); yesterday the price started forming the fifth wave. I have already opened two sell orders and may add several more later. The first target for the bulls is at the level of $111 per barrel of Light Sweet.



More detailed wave structure is shown on the H1 chart. We may assume that wave (4) took the form of double zigzag pattern. On the minor wave level, the instrument is forming an initial impulse inside wave 1. The forecast remains bullish.



 
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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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