Wave Analysis 10.10.2013 (DJIA Index, Crude Oil)

10.10.2013

Analysis for October 10th, 2013

DJIA Index

The Index continues forming a bearish impulse inside wave A. On the minor wave level, the price is extending wave [3]. It looks like the instrument is going to continue moving downwards during the next several days.



More detailed wave structure is shown on the H1 chart. It looks like the price is extending a short wave (3) inside wave [3]. On the minor wave level, the instrument is finishing the fourth wave and may start moving downwards inside wave 5 of (3) very soon.



Crude Oil

Oil finished wave (4) in the form of double three pattern. We may assume that the price finished an initial ascending impulse and then completed a local correction. Most likely, during the next several days the instrument will break the latest maximum while forming wave 3.



As we can see at the H1 chart, wave 2 was finished in the form of zigzag pattern with triangle[B] inside it. It looks like right now the market is forming an initial impulse inside wave [1]. Oil may continue moving upwards 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.

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