Analysis for June 27th, 2013
DJIA Index
It looks like the Index completed
zigzag pattern inside wave
[4]. On the minor wave level, the price is forming an initial bullish impulse. Later, after finishing a local correction, the instrument is expected to form an
extension inside the third wave.
At the H1 chart we can see, that the price completed a descending impulse inside wave
(C). Right now, the Index is finishing the fourth wave inside wave
1. There is a possibility that during the day the instrument may break the latest maximum while forming wave
5 of (1).
Crude Oil
After completing wave
D, Oil formed a descending impulse inside wave
[A]. Right now, the instrument is being corrected. However, the price may finish wave
[B] in the nearest future and then start a new descending movement.
More detailed wave structure is shown on the H1 chart. It looks like wave
[B] is taking the form of
zigzag pattern. On the minor wave level, the price is completing wave
(C). During a correction, I opened a short-term buy order, but I think it will soon be the time to start selling.
RoboForex Analytical Department