Wave Analysis 08.07.2013 (DJIA Index, Crude Oil)
08.07.2013
Analysis for July 8th, 2013
DJIA Index
It looks like the bulls started pushing the price upwards inside the third wave. Earlier the Index completed zigzag pattern inside wave [4]. There is a possibility that the instrument may break the historic maximum during this week.
More detailed wave structure is shown on the H1 chart. After finishing flat pattern inside wave (2), the price started forming an extension inside the third wave. The instrument may continue moving upwards inside wave 3 during the day.
Crude Oil
Oil is still moving upwards quite fast. Last week the price completed an extension inside wave (3) and then started a correction. Later the instrument is expected to start a new ascending movement inside wave 5 of (3).
As we can see at the H1 chart, Oil is moving inside an ascending channel. Most likely, the price will complete the fourth wave near the channel’s lower border. I planned to enter the market at the best possible price, that’s why I’ve placed a limit buy order..
RoboForex Analytical Department
Attention!
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.