Wave Analysis 08.10.2013 (DJIA Index, Crude Oil)

08.10.2013

Analysis for October 8th, 2013

DJIA Index

The Index is still forming diagonal triangle pattern inside wave [5]. We can’t exclude a possibility that the price completed the fourth wave and may start moving upwards inside the fifth one quite soon. However, if the price breaks the critical level, which is the minimum of wave (2), we’ll have to reconsider the chart structure.



The current chart structure implies that the price finished diagonal triangle pattern inside wave C. on the minor wave level, the Index formed zigzag pattern inside wave [5]. Later, the instrument is expected to form initial ascending impulse.



Crude Oil

We may assume that Oil finished wave (4) in the form of double three pattern. On the minor wave level, the price completed an initial ascending impulse. Most likely, in the nearest future the instrument will continue moving upwards inside the third wave.



As we can see at the H1 chart, the market formed two initial ascending impulses. The instrument may correct for a while during the day, but later it is expected to start a new ascending movement inside wave [3].



 
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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.

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