Wave Analysis 24.09.2012 (DJIA Index, Crude Oil)

24.09.2012

Analysis for September 24th, 2012

DJIA Index

The Index continues forming an ascending impulse inside wave [1]. The structure of wave (5) is far from completion, that’s why the instrument may continue growing up. The target for the bulls is still at the level of 13700.



At the end of the last week the price formed an initial impulse inside wave 5 of (5) at the H1 chart. At the moment the instrument is completing a local correction near the channel’s lower border. During the day the Index is expected to start moving upwards and form wave [3] of 5.



Crude Oil

After completing an impulse inside wave 1, the market started a corrective movement. We may assume that wave 2 is taking the form of zigzag pattern. On the minor wave level the price is forming wave [B]. During the next several days, the instrument is expected to finish the corrective movement and start forming one more bearish wave.



As we can see at the H1 chart, Oil has formed an extension inside wave (5) of [A]. At the end of the last week the price completed wave [A]. Most likely, the instrument will finish wave (B) during Monday and we can expect a local growth in wave (C) of [B].

Attention!

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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