Analysis for March 22nd, 2013
DJIA Index
Despite yesterday’s descending movement, the man trend is still bullish. We can’t exclude a possibility that the Index may continue forming wave
5. The target for the buyers is at the level of 14500.
As we can see at the H1 chart, the Index is forming
diagonal triangle pattern inside wave
(5). On the minor wave level the instrument is completing the second wave. Later we can expect the Index to start forming
zigzag pattern inside the third wave.
Crude Oil
We may assume that Oil completed
zigzag pattern inside the second wave. Right now the instrument is forming an initial bearish impulse. During the day the price may break a local minimum and continue moving towards the level of $91 per barrel of Light Sweet.
Yesterday the instrument completed
zigzag pattern inside wave
2. We can’t exclude a possibility that the price may
expand the third wave. If the market starts a new descending movement, then during local corrections I’m planning to open several more sell orders.
RoboForex Analytical Department