Analysis for February 8th, 2013
DJIA Index
It looks like the Index completed the fourth wave; the bulls are trying to start a new ascending movement inside the fifth one. Most likely, in the nearest future the price will break a local maximum and reach the level of 14000.
At the H1 chart we can see that wave
[4] was completed in the form of
zigzag pattern. On the minor wave level the price formed
diagonal triangle pattern inside wave
(B). Later, the instrument is expected to start a correction and then start moving upwards inside wave
(3) of [5].
Crude Oil
We may assume that wave
C has been completed. On the minor wave level Oil formed an initial impulse inside wave
[1]. Most likely, in the nearest future the price will continue moving downwards and break a local minimum.
As we can see at the H1 chart, Oil finished
wedge pattern inside the first wave. Wave
[2] also has been already completed and right now the bears are trying to start a new descending movement inside the third one. The target for the next several hours is the level of $99 per barrel of Light Sweet.
RoboForex Analytical Department