Wave Analysis 23.09.2013 (DJIA Index, Crude Oil)

23.09.2013

Analysis for September 23rd, 2013

DJIA Index

It looks like the Index is still forming diagonal triangle pattern inside wave [5]. On the minor wave level, the price completed the third wave and started a local correction. Most likely, during the next several days the instrument will continue moving downwards.



More detailed wave structure is shown on the H1 chart. Yesterday the price formed an ascending impulse inside wave (3). During the next several hours, the price may continue falling down while forming a short wave A.



Crude Oil

Oil is still forming a correction, which is taking quite a bizarre form. We can’t exclude a possibility that wave (4) was completed in the form of double three pattern. However, it has yet to be confirmed.



As we can see at the H1 chart, the price completed a short impulse inside wave [C]. Expecting the instrument to make a reverse, I opened a buy order. The stop is placed at the minimum, but I’ll move it into the black as soon as possible.



 
RoboForex Analytical Department

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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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