Wave Analysis 02.10.2012 (DJIA Index, Crude Oil)

02.10.2012

Analysis for October 2nd, 2012

DJIA Index

The price continues forming diagonal triangle pattern inside wave (5) of [1]. The market has rebounded from the pattern’s lower border. There is a possibility that the Index may break a local maximum during the next several days. The target is still at the level of 13700.



Wave 2 has been completed with diagonal triangle pattern inside wave [C]. We may assume that right now the price is forming an ascending impulse inside wave [A]. In the near term, the instrument is expected to continue growing up and form the third wave.



Crude Oil

We may assume that last week Oil finished wave 2 in the form of zigzag pattern. At the moment the price is forming an initial ascending impulse. I’ve moved the stop on buy order into the black, just in case.



More detailed wave structure is shown on the H1 chart. We can’t exclude a possibility that the price started forming an extension inside wave (3). Most likely, Oil will continue growing up on Tuesday. The short-term target is at the level of $95.

Attention!

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

Ask a question

Need any help? Click on the icon in the lower right corner of the page and get an answer to any your questions

Or enter your phone number in the form below and we will call you right away.

Call back
Ask a question