Wave Analysis 02.10.2013 (DJIA Index, Crude Oil)


Analysis for October 2nd, 2013

DJIA Index

The Index is still forming an ascending diagonal triangle pattern. On the minor wave level, the market is completing the fourth wave.  During the next several weeks, the instrument may move upwards and form wave (5) of [5].

As we can see at the H1 chart, wave (4) took the form of zigzag pattern. It looks like the price formed an initial ascending wedge pattern. If the Index rebounds from the triangle’s lower border, the market may start moving upwards inside wave [3].

Crude Oil

Oil is finishing double three pattern inside the fourth wave. We can’t exclude a possibility that during the next several hours the price may reverse and start forming an initial impulse inside wave 1.

More detailed wave structure is shown on the H1 chart. The price formed a bearish diagonal triangle pattern inside wave (5) of [C]. We can’t exclude a possibility that the instrument may continue growing up inside wave (1) during the day.

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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 bears no responsibility for trading results based on trading recommendations described in these analytical reviews.