Wave Analysis 02.09.2013 (DJIA Index, Crude Oil)

02.09.2013

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.



 
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