Wave Analysis 16.09.2013 (DJIA Index, Crude Oil)

16.09.2013

Analysis for September 16th, 2013

DJIA Index

We may assume that the Index completed zigzag pattern inside wave [B]. On the minor wave level, the price formed a fast bullish impulse inside wave (C). I’m planning to start selling only after the price completes an initial descending wave.



As we can see at the H1 chart, the length of wave (C) was exactly 261.8% of wave (A). On the minor wave level, the instrument completed the fifth wave.  There is a possibility that the Index may start moving downwards inside wave 1 on Monday.



Crude Oil

It looks like the market is still forming diagonal triangle pattern. After rebounding from the pattern’s lower border, the price started growing up and forming the third wave. There is a possibility that Oil may break the maximum during the day.



More detailed wave structure is shown on the H1 chart. It looks like the price completed wave [B] inside the third one. I’m planning to open several more sell orders if the price continues forming an ascending impulse inside wave [C].



 
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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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