Wave Analysis 18.02.2013 (DJIA Index, Crude Oil)

18.02.2013

Analysis for February 18th, 2013

DJIA Index

It looks like the Index is still forming wave 5 of (1). On the minor wave level the price is forming diagonal triangle pattern inside the fifth wave. Most likely, in the nearest future the instrument will continue moving upwards and break a local maximum.



As we can see at the H1 chart, last Friday the price completed wave (2) in the form of zigzag pattern. At the moment a local correction is taking place. Most likely, in the nearest future the instrument will start moving upwards inside wave C of (3).



Crude Oil

The bulls are still dominant. We may assume that at the moment the price is finishing the second wave. Later the instrument is expected to form a short initial ascending impulse and the continue moving upwards and form the third wave.



More detailed wave structure is shown on the H1 chart. We can’t exclude a possibility that zigzag pattern inside wave (2) was completed. During the day the price is expected to start a new ascending movement and then break a local maximum.



 
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