Analysis for June 6th, 2013
DJIA Index
Despite a fast descending movement made by the Index yesterday, the main scenario remains the same. It looks like the price is finishing the fourth wave. Right now, it’s quite risky to start buying, that’s why I’ve placed a pending order.
As we can see at the H1 chart, wave
[4] is taking the form of
zigzag pattern with
diagonal triangle inside wave
(C). On the minor wave level, the Index completed an initial ascending impulse. Most likely, the instrument will continue forming wave
(1) during Thursday.
Crude Oil
After completing
zigzag pattern inside wave
2, Oil formed an ascending impulse inside wave
[1]. In the near term, we can expect a correction, but later the price may start a new ascending movement inside the third wave.
More detailed wave structure is shown on the H1 chart. Wave
[1] was completed in the form of
wedge pattern, and right now the instrument is forming
zigzag inside the second wave. After completing wave
(C) of [2], the market may start growing up inside wave
[3].
RoboForex Analytical Department