Wave Analysis 27.09.2013 (DJIA Index, Crude Oil)


Analysis for September 27th, 2013

DJIA Index

The Index continues forming diagonal triangle pattern inside wave [5]. It looks like right now the market is being corrected inside the fourth wave. Later the instrument is expected to rebound from the pattern’s lower border and start a new ascending movement inside the fifth wave.

More detailed wave structure is shown on the H1 chart. After completing wave (3), the price formed a descending impulse inside wave A. Later the instrument is expected to finish its local correction and start falling down inside wave C of (4).

Crude Oil

The chart structure implies that Oil completed its correction inside wave (4) in the form of double three pattern. Most likely, during the next several days the instrument will start moving upwards and forming wave 1.

As we can see at the H1 chart, the price finished an impulse inside wave [C]. On the minor wave level, the instrument completed an initial ascending impulse inside wave (1). The market is expected to start moving upwards inside wave (3) quite soon.

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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.