Analysis for June 21st, 2013
DJIA Index
We may assume that the Index completed
zigzag pattern inside wave
[4]. On the minor wave level, the price formed a descending impulse inside wave
(C). We can’t exclude a possibility that right now the market is forming an initial ascending impulse. I’m planning to open some buy orders during a local correction.
At the H1 chart we can see, that the Index finished an impulse inside wave
(C) and then – a short initial ascending impulse. After completing a local correction, the instrument is expected to start moving upwards inside the third wave
.
Crude Oil
We can’t exclude a possibility that the price completed wave
D in the form of
zigzag pattern inside
triangle(B). Oil is starting to fall down inside wave
E; the instrument may form this wave for several month.
More detailed wave structure is shown on the H1 chart. The instrument completed an ascending impulse inside wave
[C] and then formed a bearish impulse inside wave
(1). After completing the second wave, the price is expected to start moving downwards.
RoboForex Analytical Department