Wave Analysis 27.03.2013 (DJIA Index, Crude Oil)
27.03.2013
Analysis for March 27th, 2013
DJIA Index
The assumption that the price completed wave 5 hasn’t been confirmed yet. Yesterday the Index started moving upwards again. Most likely, in the nearest future the bulls will reach one more historic maximum.
We may assume that wave (4) was finished in the form of flat pattern. Later the Index finished an initial impulse inside wave 1 and then completed wave 2. We can’t exclude a possibility that the instrument may start a new ascending movement inside wave 3.
Crude Oil
Oil continues a correctional movement; wave [2] is taking the form of zigzag pattern. On the minor wave level the instrument is forming wave (C), the internal structure of which implies that the price may continue growing up a little bit.
More detailed wave structure is shown on the H1 chart. It looks like the price is completing the fourth wave inside wave (C). On Wednesday Oil may to start moving upwards inside the fifth wave and break a local maximum.
RoboForex Analytical Department
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.