Analysis for May 20th, 2013
DJIA Index
The Index continues growing up quite fast. It looks like the price is about to complete an ascending impulse inside wave
[5]. Most likely, the buyers will try to reach a new maximum. After that, the instrument is expected to start a correction.
As we can see at the H1 chart, the price is forming
ending diagonal triangle pattern inside wave
(5). On the minor wave level, the Index is starting the fourth wave. During Monday, the price may form a correctional
flat pattern.
Crude Oil
We may assume that wave
2 was completed in the form of
zigzag pattern. In addition to that, the bulls did manage to form an initial ascending impulse inside wave
[1]. After finishing а local correction, the instrument is expected to start a new ascending movement inside the third wave.
More detailed wave structure is shown on the H1 chart. Last Friday the instrument completed wave
(5) of [1]. Right now Oil is forming z
igzag pattern inside the second wave. After that, the price may move downwards a little bit while forming
(C) of [2].
RoboForex Analytical Department