Analysis for September 9th, 2013
DJIA Index
The Index is still being corrected. Earlier the price completed a bearish impulse inside wave
[A]. Later, after finishing wave
[B], the instrument is expected to make a reverse downwards and start forming an initial impulse.
More detailed wave structure is shown on the H1 chart. After completing
wedge pattern inside wave
(A), the instrument formed
flat pattern inside wave
(B). Most likely, in the nearest future, the price will start a new ascending movement inside wave
(C) of [B].
Crude Oil
Oil is growing up. After completing
skewed triangle pattern inside wave
(4), the market started forming an initial ascending impulse inside the fifth one. Right now, the price is moving upwards inside the wave
3. During the next several days, the instrument may reach a new maximum.
As we can see at the H1 chart, the price is
extending wave
3. Right now, the market is being corrected. Later, Oil is expected to start a new ascending movement inside wave
[5] of 3.
RoboForex Analytical Department