Wave Analysis 30.01.2013 (DJIA Index, Crude Oil)

Analysis for January 30^th, 2013

DJIA Index

The Index continues forming wave (1). On the minor wave level the price is expanding the third wave. We can’t exclude a possibility that one of these days the instrument may start a local correction.



As we can see at the H1 chart, the Index reached the upper border of an ascending wedge pattern while forming the fifth wave. There is a possibility that in the nearest future the instrument may start forming the fourth wave, after which I’ll try to open some buy orders.

Crude Oil

Oil is growing up. Yesterday the price broke a local maximum and continued moving upwards. It looks like earlier the price expanded the third wave and right now is forming the fifth one. We can’t exclude a possibility that one of these days the bulls may reach the level of $98 per barrel of Light Sweet.



More detailed wave structure is shown on the H1 chart. The fourth wave took the form of horizontal triangle pattern. Currently the market is forming an impulse inside the fifth wave. Most likely, on Wednesday Oil will move upwards a little bit inside wave (5) of [5].



 
RoboForex Analytical Department