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Home / Analytics / Forex analysis & forecasts / Forex Wave analysis and forecast / Wave Analysis 21.12.2012 (DJIA Index, Crude Oil)

Wave Analysis 21.12.2012 (DJIA Index, Crude Oil)

21.12.2012
0

Analysis for December 21st, 2012

DJIA Index

It looks like the Index finished an ascending zigzag pattern inside wave [2]. On the minor wave level the price is forming an initial descending impulse. We can’t exclude a possibility that after a local correction the instrument may continue falling down.



As we can see at the H1 chart, yesterday the bears formed wave [3]. At the moment a local correction is taking place inside the fourth wave, but in the nearest future the Index is expected to start moving downwards inside wave [5] of 1.



Crude Oil

It looks like the price completed double three pattern inside wave (2). On the minor wave level Oil finished wave X in the form of flat pattern. In the nearest future the instrument may start a new descending movement inside the third wave.



More detailed wave structure is shown on the H1 chart. Yesterday the bears did manage to finish a descending impulse. Most likely, after a local correction the instrument will start a new descending movement inside wave (3) of [1].



 
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.