Analysis for July 23rd, 2013
DJIA Index
It looks like the Index is finishing an
extension inside wave
(3). Earlier the price formed
zigzag pattern inside wave
[4]. Most likely, in the nearest future the instrument will break the maximum and start a correction inside wave
(4) of [5].
More detailed wave structure is shown on the H1 chart. After completing
horizontal triangle pattern inside wave
4, the price is forming
diagonal triangle pattern inside the fifth one. On the minor wave level, the instrument is finishing wave
[4].
Crude Oil
Oil is finishing its local correction. We may assume that the price finished
triangle pattern inside wave
(4) and then started moving upwards inside the fifth wave, which is taking the form of
diagonal triangle pattern. There is a possibility that the instrument may reach a new maximum during the next several hours.
At the H1 chart, we can see the structure
triangle pattern inside wave
(4). We can’t exclude a possibility that Oil completed wave
2 inside the fifth one. It means that the bulls may start a new ascending movement inside wave
3 of (5) quite soon.
RoboForex Analytical Department