Analysis for September 2nd, 2013
DJIA Index
The Index finished a bearish impulse inside wave
[A] and right now, the market is being corrected. Later, after completing wave
[B], the instrument is expected to start a new descending movement inside wave
[C].
More detailed wave structure is shown on the H1 chart. We may assume that the Index is forming
zigzag pattern inside wave
[B]. In the near term, the price is expected to complete wave
(C) and start forming an initial descending impulse.
Crude Oil
We can’t exclude a possibility that Oil formed
skewed triangle pattern inside wave
(4). On the minor wave level, the price completed wave
E. During the next several days, the market may form a bullish impulse inside wave
1.
As we can see at the H1 chart, wave
E took the form of
zigzag pattern. The market rebounded from the
triangle’s lower border. After the instrument completes in initial impulse and then starts a new correction, I’m planning to open long positions.
RoboForex Analytical Department