Analysis for August 26th, 2013
DJIA Index
The Index continues forming a bearish impulse inside wave
[A]. On the minor wave level, the market is finishing the fourth wave. Most likely, during the day the instrument will start a new descending movement inside the fifth wave.
More detailed wave structure is shown on the H1 chart. After completing an
extension inside wave
(3), the Index formed
zigzag pattern inside the fourth one. There is a possibility that in the nearest future the instrument may form an initial impulse inside wave
1.
Crude Oil
The bulls are returning to the market. Right now, Oil is in the middle of an ascending wave
3 of (5). In the near term, the price is expected to continue moving upwards and break the maximum of wave
1.
As we can see at the H1 chart, wave
(4) took the form of
zigzag pattern, and then the price formed
wedge pattern inside wave
1 and a long
zigzag pattern inside the second one. During a local correction, I opened one more buy order and expect the instrument to continue moving upwards.
RoboForex Analytical Department