Wave Analysis 10.10.2012 (DJIA Index, Crude Oil)


Analysis for October 10th, 2012

DJIA Index

It looks like a correction is now coming to a major wave level. Wave (5) of [1] was completed a bit reduced. We may assume that right now the price is forming flat pattern inside wave [2]. In the near term, the instrument may continue falling down inside wave (C).

More detailed wave structure is shown on the H1 chart. It looks like the price is forming a descending impulse inside wave (C). On the minor wave level the Index is forming the third wave. The instrument is expected to break a local minimum during the next several days

Crude Oil

Oil continues forming an impulse inside wave [1]. Earlier the price finished zigzag pattern inside wave 2. Most likely, the price will continue growing up in the nearest future. The target remains at the level of $95 per barrel of Light Sweet.

As we can see at the H1 chart, Oil is forming an extension inside wave (3). On the minor wave level the price is forming the fourth wave. Later the instrument is expected to finish a corrective movement and start moving upwards inside wave 5 of (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.