Wave Analysis 09.10.2012 (Djia Index, Crude Oil)


Analysis for October 9th, 2012

DJIA Index

The price continues forming diagonal triangle pattern inside wave (5) of [1]. We can’t exclude a possibility that one of these days the Index may break a local maximum. The short-term target for the bulls remains at the level of 13700.

As we can see at the H1 chart, the price is forming wave [C] of 3. Earlier the instrument formed wave [B] near the lower border of diagonal triangle pattern. During Tuesday we can expect the Index to continue growing up.

Crude Oil

It looks like the price has finished zigzag pattern inside wave 2. On the minor wave level the instrument is forming an ascending impulse inside wave [1]. The target for the next several days is at the level of $95 per barrel of Light Sweet.

Yesterday Oil completed wave (2) and started forming the third one. We can’t exclude a possibility that the price may break the maximum of wave (1) during Tuesday. I’ll move the stop on buy order into the black as soon as possible.

RoboForex Analytical Department


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.