Wave Analysis 15.10.2012 (DJIA Index, Crude Oil)

15.10.2012

Analysis for October 15th, 2012

DJIA Index

We may assume that the Index completed forming wave [2] in the form of zigzag pattern. On the minor wave level the price is starting to form an initial ascending impulse. We can’t exclude a possibility that one of these days the market may break a local maximum while forming wave (1).



As we can see at the H1 chart, wave (C) was completed with diagonal triangle pattern inside the fifth wave. During Monday or Tuesday the price may form an initial ascending impulse inside wave (1). If the price moves as we expect it to, I’ll open one more buy order during a correction.



Crude Oil

It looks like Oil is still forming an initial impulse inside wave [1]. Earlier the price finished zigzag pattern inside wave 2. Most likely, the instrument will continue moving upwards during Monday. The target for the next several days is at the level of $94.5 per barrel of Light Sweet.



We may assume that Oil formed wave (4) inside an ascending wedge pattern. The bulls are trying to rebound from the pattern’s lower border. During Monday we can expect Oil to start moving upwards and form wave (5) of [1].



 
RoboForex Analytical Department

Attention!

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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