Wave Analysis 17.10.2013 (DJIA Index, Crude Oil)


Analysis for October 17th, 2013

DJIA Index

It looks like the Index is about to finish wave B in the form of zigzag pattern. During a local correction, I opened a short-term buy order with the target at the end of diagonal triangle pattern inside wave [C].

More detailed wave structure is shown on the H1 chart. The price is finishing the fourth wave inside wave [C] and may start the fifth one quite soon. We can’t exclude a possibility that the may break the maximum during the day.

Crude Oil

Oil is still being corrected. It looks like wave (4) is taking the form of double three pattern. Later the instrument is expected to break the minimum and start forming an initial ascending impulse.

As we can see at the H1 chart, the price is forming diagonal triangle pattern inside wave [C]. Earlier the market finished the fourth wave and right now is moving downwards inside the fifth one. The market may reach a new local minimum 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.

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