Analysis for April 4th, 2013
DJIA Index
We can’t exclude a possibility that the Index is making a reverse. Yesterday the price rebounded from the maximum and I had time to open a sell order, the stop on which was already in the black. If the market continues falling down, I’ll open several more orders.
We can’t exclude a possibility that at the H1 chart the price formed
diagonal triangle pattern inside wave
(5). On the minor wave level the instrument is forming a descending
wedge pattern inside the first wave. After a local correction, the Index is expected to start a new descending movement.
Crude Oil
The second wave turned out to be deeper than we expected. We can’t exclude a possibility that Oil may continue moving downwards up to end of this week, that’s why I opened a short-term sell order. However, later the instrument is expected to start growing up and form the third wave.
More detailed wave structure is shown on the H1 chart. Wave
[2] is taking the form of
zigzag pattern with an expanded wave
(C) inside it. After a consolidation, Oil is expected to continue moving downwards inside the fifth wave.
RoboForex Analytical Department