Wave Analysis 16.10.2012 (DJIA Index, Crude Oil)

16.10.2012

Analysis for October 16th, 2012

DJIA Index

It looks like the Index completed zigzag pattern inside wave [2]. On the minor wave level the price is forming an initial ascending impulse inside wave (1). Most likely, in the nearest future the market will continue growing up and break a local maximum.



As we can see at the H1 chart, after completing diagonal triangle pattern inside wave 5, the price formed an ascending impulse inside wave 1. During Tuesday we can expect a local correction to take place. Later the Index may continue moving upwards and form wave 3 of (1).



Crude Oil

We may assume that Oil is forming an ascending wedge pattern inside wave [1]. Yesterday my stop, which had been moved into the black, worked, that’s why I’ve opened one more order. Most likely, in the nearest future the instrument will continue moving upwards and break a local maximum.



At the H1 chart we can see that wave C of (4) took the form of diagonal triangle pattern and the price finished a corrective movement. On Monday Oil completed an initial wave 1. It looks like “rally” phase of wave 3 has already started.



 
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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