Analysis for April 23rd. 2013
DJIA Index
It looks like the Index is finishing the fourth wave. After completing wave
(5) of [3] in the form of
diagonal triangle pattern, the price started a new correction. Most likely, in the nearest future the price will start growing up inside the fifth wave.
As we can see at the H1 chart, wave
[4] is taking the form of
double zigzag pattern. On the minor wave level, the market is forming an initial ascending impulse. The instrument may break the maximum of wave
[3] by the end of the week.
Crude Oil
After finishing a descending impulse inside wave
[A], Oil started a correction. We can’t exclude a possibility that the price has already finished wave
[B]. If it’s true, then later the instrument may start moving downwards inside wave
[C] of E.
More detailed wave structure is shown on the H1 chart. We may assume that wave
[B] was finished in the form of
zigzag pattern. In the near term, the price is expected to form an initial bearish impulse inside wave
(1).
RoboForex Analytical Department