Wave Analysis 19.10.2012 (DJIA Index, Crude Oil)

19.10.2012

Analysis for October 19th, 2012

DJIA Index

The Index continues forming an initial impulse inside wave (1). Earlier wave [2] was completed in the form of zigzag pattern. In the future we can expect the Index to continue growing up and break a local maximum.



At the H1 chart we can see that after completing an impulse inside wave (C) of [2], the price formed an initial ascending impulse. On the minor wave level the instrument is forming wave 2 in the form of flat pattern. In the near term, after a local correction, we can expect the Index to start moving upwards and form wave 3 of (1).



Crude Oil

We may assume that Oil continues forming an ascending wedge pattern. Earlier the price completed wave 2 in the form of zigzag pattern. Yesterday the instrument tested the lower border of wedge once again and rebounded from it. In the near term, Oil is expected to start growing up again and break a local maximum.



More detailed wave structure is shown on the H1 chart. On the minor wave level the price formed wave (4) and then completed an initial ascending impulse. On Thursday Oil finished the second wave. Later the price is expected to continue growing up and form wave 3 of (5).



 
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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