Wave Analysis 05.10.2012 (DJIA Index, Crude Oil)

05.10.2012

Analysis for October 5th, 2012

DJIA Index

The Index continues moving inside diagonal triangle pattern inside wave (5) of [1]. Yesterday the market rebounded from the pattern’s lower border. In the future the price is expected to continue moving upwards. The target remains at the level of 13700.



It looks like the price is about to complete wave 3 very soon. On the minor wave level the Index is forming wave [C] and may continue growing up on Friday. During the next several days the instrument is expected to break a local maximum.



Crude Oil

It looks like the price has finished zigzag pattern inside wave 2. On the minor wave level the instrument is starting to form an initial impulse inside wave [1]. Oil is expected to continue growing up on Friday. The short-term target is at the level of $94.5 per barrel of Light Sweet.



As we can see at the H1 chart, wave [C] turned out to be shorter than wave [A]. On Thursday the instrument formed an ascending impulse. After the price finished a local correction, we can expect it to start moving upwards and form wave (3) of [1].



 
RoboForex Analytical Department

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.

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