Analysis for April 24th. 2013
DJIA Index
It looks like the Index is starting the fifth wave. On Tuesday, the market made a strong ascending movement, which means that it may continue growing up on Wednesday. We can’t exclude a possibility that one of these days the price may break the maximum of the third wave.
As we can see at the H1 chart, wave
[4] took the form of
double zigzag pattern. On the minor wave level, the market formed a bullish
wedge pattern inside wave
(1). After completing a local correction, the instrument may start a new ascending movement.
Crude Oil
Oil continues forming
zigzag pattern inside wave
E. We may assume that the price is about to finish wave
[B]. Later we can expect the instrument to start a new descending movement while forming wave
[C] of E.
At the H1 chart, we can see that the price is completing wave
[B] in the form of
zigzag pattern. Most likely, in the nearest future, the price will start falling inside wave
(1). In order to avoid any risks, I’m planning to open a pending order.
RoboForex Analytical Department