Wave Analysis 04.04.2013 (DJIA Index, Crude Oil)

04.04.2013

Analysis for April 4th, 2013

DJIA Index

We can’t exclude a possibility that the Index is making a reverse. Yesterday the price rebounded from the maximum and I had time to open a sell order, the stop on which was already in the black. If the market continues falling down, I’ll open several more orders.



We can’t exclude a possibility that at the H1 chart the price formed diagonal triangle pattern inside wave (5). On the minor wave level the instrument is forming a descending wedge pattern inside the first wave. After a local correction, the Index is expected to start a new descending movement.



Crude Oil

The second wave turned out to be deeper than we expected. We can’t exclude a possibility that Oil may continue moving downwards up to end of this week, that’s why I opened a short-term sell order. However, later the instrument is expected to start growing up and form the third wave.



More detailed wave structure is shown on the H1 chart. Wave [2] is taking the form of zigzag pattern with an expanded wave (C) inside it. After a consolidation, Oil is expected to continue moving downwards inside the fifth wave.



 
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