Wave Analysis 18.10.2013 (DJIA Index, Crude Oil)

18.10.2013

Analysis for October 18th, 2013

DJIA Index

Take Profit on my yesterday’s buy order worked. We may assume that the price completed diagonal triangle pattern inside wave [C] of B, that’s why I’ve already opened a sell order. If the Index rebounds from the pattern’s upper border, the instrument will start forming an initial bearish impulse.



More detailed wave structure is shown on the H1 chart. There is a possibility that the price may yet break the maximum, but the market is unlikely to grow up a lot. However, if the price breaks the pattern’s upper border, the Index may continue growing up.



Crude Oil

Oil is finishing double three pattern inside wave (4). The bears may reach a new minimum during the day, but later the bulls are expected to take control over the market and start forming the first ascending wave.



As we can see at the H1 chart, the structure of diagonal triangle pattern inside wave [C] implies that right now the market is forming the final descending wave. Later the instrument may reverse and start growing up. On Thursday my Take Profit worked and right now I’m staying out of the market.



 
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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