Wave Analysis 23.04.2013 (DJIA Index, Crude Oil)

23.04.2013

Analysis for April 23rd. 2013

DJIA Index

It looks like the Index is finishing the fourth wave. After completing wave (5) of [3] in the form of diagonal triangle pattern, the price started a new correction. Most likely, in the nearest future the price will start growing up inside the fifth wave.



As we can see at the H1 chart, wave [4] is taking the form of double zigzag pattern. On the minor wave level, the market is forming an initial ascending impulse. The instrument may break the maximum of wave [3] by the end of the week.



Crude Oil

After finishing a descending impulse inside wave [A], Oil started a correction. We can’t exclude a possibility that the price has already finished wave [B]. If it’s true, then later the instrument may start moving downwards inside wave [C] of E.



More detailed wave structure is shown on the H1 chart. We may assume that wave [B] was finished in the form of zigzag pattern. In the near term, the price is expected to form an initial bearish impulse inside wave (1).



 
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