Analysis for February 18th, 2013
DJIA Index
It looks like the Index is still forming wave
5 of (1). On the minor wave level the price is forming
diagonal triangle pattern inside the fifth wave. Most likely, in the nearest future the instrument will continue moving upwards and break a local maximum.
As we can see at the H1 chart, last Friday the price completed wave
(2) in the form of
zigzag pattern. At the moment a local correction is taking place. Most likely, in the nearest future the instrument will start moving upwards inside wave
C of (3).
Crude Oil
The bulls are still dominant. We may assume that at the moment the price is finishing the second wave. Later the instrument is expected to form a short initial ascending impulse and the continue moving upwards and form the third wave.
More detailed wave structure is shown on the H1 chart. We can’t exclude a possibility that
zigzag pattern inside wave
(2) was completed. During the day the price is expected to start a new ascending movement and then break a local maximum.
RoboForex Analytical Department