Analysis for June 7th, 2013
DJIA Index
We can’t exclude a possibility that the Index finished the fourth wave; earlier the price completed an
extension inside the third one. On the minor wave level, the instrument formed an initial ascending impulse, that’s why I’ve opened a buy order with the stop near the minimum.
As we can see at the H1 chart, wave
[4] took the form of
zigzag pattern with
diagonal triangle inside wave
(C). Also, the Index completed an ascending impulse inside wave
(1) and may continue moving upwards during the day.
Crude Oil
It looks like Oil is still forming an ascending impulse inside wave
[1]. There is a possibility that the instrument may reach a new local maximum in the nearest future.
More detailed wave structure is shown on the H1 chart. The price is finishing the fourth wave inside wave
[1]. In the near term, Oil is expected to start moving upwards inside wave
(5) of [1].
RoboForex Analytical Department