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].
RoboForex Analytical Department