Wave Analysis 23.08.2013 (DJIA Index, Crude Oil)

23.08.2013

Analysis for August 23rd, 2013

DJIA Index

The Index continues forming a descending impulse inside wave [A]. On the minor wave level, the market started the fourth wave. Later the instrument is expected to start a new descending movement inside the fifth wave.



More detailed wave structure is shown on the H1 chart. Earlier the price completed a bearish impulse inside wave (3) and started moving upwards inside wave (4). Most likely, on the minor wave level the instrument will continue growing up for a while inside wave C of (4), but later it is expected to start falling down again inside the third one.



Crude Oil

We may assume that Oil is starting a new ascending movement inside wave 3 of (5). Earlier the price completed the second wave. The target for the next several weeks is at the level of $110 per barrel of Light Sweet.



As we can see at the H1 chart, wave 2 was completed in the form of zigzag pattern. Right now, Oil is forming an initial ascending impulse inside wave [1]. After a slight correction, the price is expected to start moving upwards inside the third wave.



 
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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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