Wave Analysis 15.08.2013 (DJIA Index, Crude Oil)
15.08.2013
Analysis for August 15th, 2013
DJIA Index
We may assume that the Index started a new correction and right now is forming a bearish impulse inside wave [A]. On the minor wave level, the market is forming an extension inside the third wave. Most likely, the price will continue falling down in the future.
More detailed wave structure is shown on the H1 chart. It looks like right now the Index is forming wave 3. There is a possibility that the price may reach new minimums during the day.
Crude Oil
Oil moving upwards, so I’m keeping my buy orders. It looks like the price is forming wave (5) of [C]. During the next several days, the instrument is expected to reach new maximums.
As we can see at the H1 chart, wave (4) was finished in the form of zigzag pattern. Later the price completed an initial impulse inside wave 1. I’ve already opened two buy orders and plan to increase my position in the future.
RoboForex Analytical Department
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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.