Wave Analysis 21.06.2013 (DJIA Index, Crude Oil)

21.06.2013

Analysis for June 21st, 2013

DJIA Index

We may assume that the Index completed zigzag pattern inside wave [4]. On the minor wave level, the price formed a descending impulse inside wave (C). We can’t exclude a possibility that right now the market is forming an initial ascending impulse. I’m planning to open some buy orders during a local correction.



At the H1 chart we can see, that the Index finished an impulse inside wave (C) and then – a short initial ascending impulse. After completing a local correction, the instrument is expected to start moving upwards inside the third wave.



Crude Oil

We can’t exclude a possibility that the price completed wave D in the form of zigzag pattern inside triangle(B). Oil is starting to fall down inside wave E; the instrument may form this wave for several month.



More detailed wave structure is shown on the H1 chart. The instrument completed an ascending impulse inside wave [C] and then formed a bearish impulse inside wave (1). After completing the second wave, the price is expected to start moving downwards.



 
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