Wave Analysis 04.12.2013 (DJIA Index, Crude Oil)


Analysis for December 4th, 2013

DJIA Index

It looks like Index started correction; price completed ascending impulse inside wave 1. On minor wave level, instrument is forming bearish impulse inside wave [A]. Price may continue falling down during the day.

More detailed new wave structure is shown on H1 chart. It looks like price is finishing the fourth wave inside wave (3), during which I opened short-term sell order. In the future, instrument is expected to start new descending movement inside wave 5 of (3).

Crude Oil

Oil is also being corrected; price completed impulse inside wave [A], and during the next several weeks, we can expect local growth of price. In the near term, instrument may continue growing up inside wave (A).

As we can see at the H1 chart, instrument is forming the third wave. During local correction, I opened short-term buy order. Most likely, after short pause, bulls will continue pushing the market upwards.

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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.