Wave Analysis 18.09.2013 (DJIA Index, Crude Oil)


Analysis for September 18th, 2013

DJIA Index

The Index continues forming diagonal triangle pattern. On the minor wave level, the price is forming the third wave. We can’t exclude a possibility that during the next several days the instrument may break the maximum of wave (1) and reach the pattern’s upper border.

As we can see at the H1 chart, the Index is forming wave (3) with wave 4 inside it. The market is about to start the fifth wave. It looks like the price is going to continue moving upwards until the end of the week.

Crude Oil

We may assume that Oil is completing diagonal triangle pattern inside wave (4). On the minor wave level, the price finished wave E. During the next several days, the instrument is expected to form an initial ascending impulse.

More detailed wave structure is shown on the H1 chart. The price is completing zigzag pattern inside wave E. I’ve got only one buy order; I’ll move the stop into the black as soon as possible.

RoboForex Analytical Department


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.