Wave Analysis 10.07.2013 (DJIA Index, Crude Oil)
10.07.2013
Analysis for July 10th, 2013
DJIA Index
The Index continues growing up. Earlier the instrument completed zigzag pattern inside wave [4] and right now, the bulls are pushing the price upwards inside the fifth one. On the minor wave level, the Index is forming an extension inside wave (3) and may break the historic maximum in the nearest future.
More detailed wave structure is shown on the H1 chart. The market is being corrected right now, but may start a new ascending movement during the day. The short-term target for the buyers is at the level of 15400.
Crude Oil
Oil is still moving upwards quite fast inside the third wave. Yesterday the bulls broke a local maximum. Most likely, the instrument will continue growing up inside wave 5 of (3) during the day.
As we can see at the H1 chart, after completing wave 4, Oil formed an initial impulse inside the fifth one. There is a possibility that after a slight correction the instrument may start a new ascending movement inside wave [3] of 5.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.