Wave Analysis 17.09.2012 (DJIA Index, Crude Oil)

Analysis for September 17^th, 2012

DJIA Index

Djia Index continues growing up and forming an ascending impulse inside wave [1]. On the minor wave level the price is forming the fifth wave. Most likely, in the nearest future the market will continue moving upwards.



More detailed wave structure is shown on the H1 chart. At the moment the price is forming an extension in wave 3 with the fourth wave inside it. During Monday, the local correction may be completed and the Index is expected to continue growing up and form wave [5] of 3.

Crude Oil

Oil continues the formation of an impulse inside wave (3). Earlier wave (2) was finished in the form of an irregular correction. The current chart structure may yet be changed, so in the nearest future the price may reach new maximums.



As we can see at the H1 chart, Oil is forming an extension inside wave 3. On the minor wave level the price is forming the fourth wave. In the near term, the instrument is expected to continue moving upwards inside wave [5] of 3.