Wave Analysis 14.10.2013 (DJIA Index, Crude Oil)


Analysis for October 14th, 2013

DJIA Index

The Index continues forming wave B in the form of zigzag pattern. On the minor wave level, the price is forming wave [B]. After completing a local correction, the instrument may start a new ascending movement inside wave [C] of B.

More detailed wave structure is shown on the H1 chart. Last week, the price formed a bullish impulse inside wave [A]. The market may fall down inside wave (C) of [B] during the day, but later the instrument is expected to start moving upwards inside wave [C].

Crude Oil

Last Friday, Oil reached a new minimum. We can’t exclude a possibility that the price finished wave (4). If later the instrument forms an initial impulse, the bulls will return to the market.

As we can see at the H1 chart, the price formed diagonal triangle pattern inside wave [C]. It looks like right now the instrument is forming an impulse inside wave [1]. Oil may continue moving upwards during the day.

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.