Wave Analysis 11.10.2012 (DJIA Index, Crude Oil)

11.10.2012

Analysis for October 11th, 2012

DJIA Index

The Index continues forming flat pattern inside wave [2]. Yesterday the bears managed to break a local minimum. In the near term, the instrument may continue falling down. Today during a correction I’ve opened one more sell order, as Take Profit on yesterday’s order worked.



As we can see at the H1 chart, the price is forming an extension inside wave 3. Earlier the instrument completed zigzag pattern inside wave (B). The current wave structure implies that the Index may continue moving downwards.



Crude Oil

After finishing zigzag pattern inside wave 2, the bulls are trying to form an initial ascending impulse. So far I’ve opened only short-term orders, but after the price completes wave [1] I’ll try to enter the long during a correction.



We may assume Oil is forming an ascending wedge pattern inside wave [1]. Yesterday the price formed the third wave on the minor wave level. The instrument may continue falling down inside wave (4) during the day. Later we can expect Oil to start  moving upwards and form wave (5) of [1].



 
RoboForex Analytical Department

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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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