Wave Analysis 24.07.2013 (DJIA Index, Crude Oil)

Analysis for July 24^th, 2013

DJIA Index

The Index is finishing an extension inside the third wave; the bulls have already reached a new historic maximum. Most likely, the instrument will start a new correction inside the fourth wave during the next several days.



More detailed wave structure is shown on the H1 chart. It looks like the price is forming diagonal triangle pattern inside wave 5. On the minor wave level, the instrument lacks one more bullish wave, that’s why we can’t exclude a possibility that the Index may reach a new maximum during the day.

Crude Oil

It looks like Oil finished wave (3) with a long extension inside. There is a possibility that the price may continue its correction inside wave (4) during the next several days, so I’m staying out of the market.



At the H1 chart we can see, that diagonal triangle pattern inside the fifth wave completed the third wave. One of the possible scenarios implies that wave (4) may take the form of double three pattern. After completing wave X, the instrument may break a local minimum.



 
RoboForex Analytical Department